Non-farm payrolls unexpectedly drop in July, unemployment rate dips

(Sharecast News) - The US economy unexpected shed jobs in July, according to data released on Friday by the Bureau of Labor Statistics. Non-farm payrolls fell by 23,000 following a revised 20,000 increase in June, missing consensus expectations for an 80,000 increase. June's figure was revised down from a 57,000 jump.

The BLS said employment declined in local government, education and retail trade. Employment continued to trend up in healthcare, however.

Meanwhile, the unemployment rate dipped to 4.1% last month from 4.2% in June, versus expectations for it to be unchanged.