EconomyFalling Unemployment Masks Weak Jobs Data

The United States unexpectedly shed 23,000 jobs in July even as the unemployment rate dropped to 4.1%. The decline in unemployment reflected fewer people taking part in the labor force, rather than stronger hiring. Anna Wong, Bloomberg News’ chief US economist, said weak payroll figures and repeated downward revisions signal a softer labor market. That weakness could ease pressure on the Federal Reserve to raise interest rates in September.