What the odd July jobs report means for the Fed
Last month, jobs in the American economy fell by 23,000, yet the unemployment rate improved to 4.1%, giving ammunition to conflicting narratives. The economic pessimists point to falling jobs, and the optimists point to an unemployment rate that matches or beats seven in eight months over the past 50 years.
TL;DR
- American jobs fell by 23,000 last month.
- The unemployment rate improved to 4.1%.
- Conflicting narratives arise from these divergent economic indicators.
- Job numbers are seen as negative by pessimists, while the low unemployment rate is viewed positively by optimists.
- The unemployment rate is at a level that has beaten seven out of eight months over the past 50 years.
- Both job and unemployment figures come from the Bureau of Labor Statistics but have different sources.