Seoul: The US economy unexpectedly lost 23,000 jobs in July, while the unemployment rate fell to 4.1%, compared with 4.2% in June.

According to Emirates News Agency, the US Department of Labor's Bureau of Labor Statistics reported in its monthly update that nonfarm payrolls declined by 23,000 in July. This is in contrast to the previous month, where there was an increase of 20,000 jobs, and it fell short of the Dow Jones forecast, which anticipated a gain of 83,000 jobs.

The report also indicated that the unemployment rate decreased to 4.1%, even as the labor-force participation rate dropped to 61.4%, marking its lowest level in more than five years.