Latest · Economy
EconomyLabor Pulse
The U.S. labor market in four numbers
The unemployment rate moved lower at 4.1% while payrolls shed approximately 23,000 jobs in July 2026.
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The latest labor data point to a market that is still moving, but not in a single direction. The headline unemployment rate was 4.1% in July 2026, a -0.1 percentage-point change from the prior month.
Unemployment
4.1%
-0.1 percentage-point
Monthly payroll change
-23,000
net loss
Hourly earnings
$37.62
+0.1% MoM
Total nonfarm payrolls shed roughly 23,000 jobs over the month. Average hourly earnings changed +0.1%, offering a second lens on labor demand and household income momentum.
Monthly releases can be revised. The most useful signal is the combination of employment, unemployment and wage growth rather than any one headline number.