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'Significantly worse than expected': Tanking jobs report stuns CNN analyst

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The U.S. economy lost more jobs last month than expected amid a summer hiring slump, marking a sharp slowdown from the month before. The U.S. economy lost 23,000 jobs in July, a sharp miss from economists' expectations of a 90,000-job gain, according to a new jobs report released Friday by the Bureau of Labor Statistics. "Frankly, it's not good," said CNN's John Berman, "and significantly worse than expected." CNN senior reporter David Goldman agreed, saying the July figure marks a significant deterioration from June, when the economy added an already-weak 60,000 jobs. The drop-off is stark when viewed against hiring trends of the past five years, Goldman added, pointing to a "significant clip" of job growth in 2022 and 2023 that has now reversed, with several months over the past year showing net job losses. The unemployment rate ticked down to 4.1 percent, but Goldman cautioned that isn't necessarily positive news. "You usually don't see the unemployment rate fall unless people are d

First report: What to expect from July's jobs report — cbsnews.com, 7d