We discuss what newly revealed cracks in the labor mean for the central bank’s next moves.

The U.S. lost 23,000 jobs in July, far below forecasts, while earlier months were revised down—prompting markets to quickly rethink the Fed’s next rate move.

A summer hiring slump dogged the US labor market in July as the economy unexpectedly lost 23,000 jobs, according to new data released Friday by the Bureau of Labor Statistics.

The United States economy unexpectedly lost jobs in July, which may affect Federal Reserve decisions. Nonfarm payrolls decreased by 23,000 jobs, contrary to economist expectations…