America In Focus: US employers unexpectedly cut 23,000 jobs; mortgage rates rise again
Summary
In July 2026, U.S. employers cut 23,000 jobs unexpectedly, with significant losses in schools, restaurants, and retail. Meanwhile, mortgage rates rose for the fifth week, reaching the highest level in over a year, making home buying more expensive.Key Facts
- U.S. employers cut 23,000 jobs in July 2026, contrary to expectations of job growth.
- Job losses were notable in public schools (50,000 jobs), restaurants and bars (26,000 jobs), and retail stores (19,000 jobs).
- The unemployment rate fell to 4.1%, but this was because 264,000 Americans stopped looking for work.
- The labor force participation rate dropped to 61.4%, the lowest since February 2021.
- Job openings declined slightly to 7.36 million in June, with increases in warehouse, transportation, utilities, and federal government jobs.
- Layoffs remained steady at 1.8 million, while more people quit their jobs, showing some worker confidence.
- The average 30-year fixed mortgage rate increased to 6.69%, the highest since July 2025.
- The 15-year fixed mortgage rate decreased slightly to 6.01%, still higher than one year ago.
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