Employers unexpectedly cut 23,000 jobs amid strain from the Iran war, unemployment dips to 4.1%

U.S. employers cut 23,000 jobs unexpectedly last month, according to Labor Department data reported Friday, and revisions reduced payrolls by 103,000 jobs in May and June. The unemployment rate fell to 4.1%, but the drop was driven by fewer Americans participating in the labor market, as 264,000 people left the pool. The report marked a reversal from earlier labor-market strength and created a political setback for President Donald Trump ahead of the Republican Party’s midterm push for full control of Congress. Forecasters had expected job gains near 100,000. July cuts cited included 50,000 from local public schools, 26,000 in restaurants and bars, and 19,000 at retailers.