A report released moments ago by the US Bureau of Labor Statistics showed a decrease of only 23,000 jobs in the non-farm payrolls (NFP) sector in July, compared to an increase of 57,000 jobs in June. This was below the expected increase of 85,000 jobs.

Meanwhile, the unemployment rate fell by 0.1 percentage points in June to 4.1%, coinciding with a decline in the labor force participation rate to 61.4% from 61.5%.

The average hourly earnings rate fell in July to 0.1% from 0.3% on a monthly basis, and declined year-over-year to 3.2%, compared to 3.5% in June.

In detail, the goods-producing sector saw a rise in jobs by 30,000, while the manufacturing sector added 5,000 jobs, and the construction sector added 22,000 jobs. In contrast, the private services sector added 5,000 jobs in July. The leisure and hospitality sector led the job declines in July with a loss of 40,000 jobs, and the retail sector lost 19,000 jobs. The healthcare and social services sector added 22,000 jobs, while the professional and business services sector added 18,000 jobs.