Economy · Indicator · Archive

Jobs −23,000

Nonfarm payrolls, July 2026 · Published 7 Aug 2026

Payrolls fell in July and the prior two months were revised down by a combined 103,000. The unemployment rate barely moved.

The release, in the same format we use for every indicator
Previous (June 2026, revised)	+20,000 — revised down from +57,000
Expected	— — we could not verify a consensus figure from a source we trust, so we are not printing one
Actual (July 2026)	−23,000
Unemployment rate	4.1% — essentially unchanged
Revisions	May cut by 66,000 (to +63,000); June cut by 37,000 (to +20,000). Combined: −103,000.
What changed	Local government education −50,000, retail trade −19,000, financial activities −14,000. Health care added 22,000.
Wages	Average hourly earnings +$0.02 to $37.62; +3.2% over twelve months.
Participation	61.4%, down 0.7 percentage points since January.
Why it matters	A labour market this flat usually argues for lower rates. Three Fed presidents dissented in favour of higher ones.
Revised since publication	The August release (4 September 2026) revised July UP by 44,000, from −23,000 to +21,000. July did not, in the end, show a fall. This page preserves what was published on 7 August; the corrected figure is on the August page.

Revisions matter

US nonfarm payroll change, as first reported vs. as revised

May and June looked like modest growth when first published. After revision, the three-month picture is roughly flat.

US nonfarm payroll change, as first reported vs. as revised
May (first)	129
May (revised)	63
June (first)	57
June (revised)	20
July (first)	-23

Change in jobs, thousandsSource: U.S. Bureau of Labor Statistics, Employment Situation, July 2026

Related analysis

Economy

The economy is sending two signals at once. The Fed is listening to the louder one.

Payrolls fell. Retail sales fell. Inflation held at 3.4%. And three Federal Reserve officials voted to raise interest rates. Here is how those facts fit together.

Wealth Signal·9 min

One Number

24.6%

Inflation is 3.4%. Gasoline is up 24.6% over the same twelve months. That gap explains almost every argument about the economy right now.

Wealth Signal·4 min

Sources

The Employment Situation — July 2026U.S. Bureau of Labor Statistics · Aug 7, 2026 · Primary source

Wealth Signal prefers primary sources — regulators, statistical agencies and company filings. Named secondary sources are used where a primary document does not exist or is not public. Our source standards.

The economy is sending two signals at once. The Fed is listening to the louder one.

24.6%

Sources

The market briefing worth opening.