US Loses 23,000 Jobs in July, Missing 80,000 Gain Forecast by Wide Margin

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The United States shed 23,000 jobs in July, a stark contrast to analyst expectations of an 80,000 job gain. The disappointing employment report has significantly dampened expectations of a Federal Reserve interest rate hike. The probability of a rate increase at the Fed's upcoming September meeting has now fallen below 50%. The weak jobs data suggests the labor market may be losing momentum, influencing the central bank's near-term policy outlook.

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