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Job Market Cooling Faster Than Expected | Philadelphia News
The U.S. job market just took a surprising dive—losing 23,000 jobs in July instead of the expected 95,000, signaling a cooling economy. May and June’s numbers were also revised down, revealing weaker hiring than thought. Labor force participation hit its lowest since early 2021, with education and retail hit hardest while healthcare added some jobs. Young workers are especially feeling the slowdown. Meanwhile, layoffs have hit a two-year low, creating a “low fire, low hire” scenario. Oddly, unemployment dipped slightly as fewer people are actively seeking work, painting a confusing picture…
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