US Jobs Report Shows Unexpected Loss, Dampening Fed Rate Hike Expectations

The US economy unexpectedly shed 23,000 jobs in July, signaling labor market weakness and reducing pressure for a September Fed rate hike. The disappointing data triggered a dollar decline against the yen and euro while pushing Treasury yields lower. Employers are pulling back on hiring as the labor market reverses course, though some uncertainty remains as a new Fed Chair hints at potential September action.