U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June.

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…

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.