The July payroll figures marked a sharp reversal for the US labour market, which had shown signs of recovery this year following a subdued 2025. Payrolls across the American economy contracted by 23,000 jobs in July and the unemployment rate ticked down to 4.1 percent. Key points and original sources are listed below.

• The July payroll figures marked a sharp reversal for the US labour market, which had shown signs of recovery this year following a subdued 2025. Hiring had improved, albeit at a modest pace, even as the conflict in the Persian Gulf pushed up energy prices and...S1

• Payrolls across the American economy contracted by 23,000 jobs in July and the unemployment rate ticked down to 4.1 percent. The public sector's payrolls fell sharply, and the services sector hiring was soft, with a large contraction in retail and leisure. The...S2