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U.S. economy adds no jobs as July nonfarm payrolls drop 23,000

The unemployment rate stayed at 4.2% in July even as nonfarm payrolls fell short of expectations of an 83,000 gain.

Reported · Written up by our desk · Economy

U.S. labor market data showed a surprise contraction in July, with nonfarm payrolls falling by 23,000 jobs, according to CNBC Markets and CNBC World, citing the Dow Jones consensus.

The decline came despite expectations for payrolls to rise by 83,000, while the unemployment rate held steady at 4.2%.

CNBC Economy also highlighted the same unemployment rate outcome as the report showed the job growth projection missed by a wide margin.

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