US employers unexpectedly cut 23,000 jobs last month, and labour department revisions shaved 1,03,000 jobs off payrolls in May and June. The unemployment rate dipped to 4.1% only because Americans left the job market.

American businesses added fewer jobs in July than experts had predicted, with private payrolls up by just 44,000— the weakest increase this year. Conversely, job switchers enjoyed…

U.S. employers cut 23,000 jobs in July, and job gains for the two previous months were weaker than initially reported, according to a report Friday from the Labor Department.