New labor data shows the U.S. economy lost 23,000 jobs in July, when economists had predicted modest growth. Revised numbers for May and June also show 103,000 fewer jobs created than originally reported. The unemployment rate ticked down, from 4.2% to 4.1%, a function of fewer people seeking jobs. Amna Nawaz discussed the numbers with Heather Long, chief economist with Navy Federal Credit Union.

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.