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

U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June. The unemployment rate dipped to 4.1% only because Americans left the job market. But Americans who have lost their jobs — or are seeking to bust into the job market for the first time — are struggling to catch a break. Economists have used the term “no hire, no fire” to describe the unusual job market conditions. Tthe United States doesn’t need as many jobs as it used to keep the unemployment rate from rising.