The US economy unexpectedly lost 23,000 jobs in July, government data showed, a blow to US President Donald Trump’s claims of leading an economic revival as his Republican Party gears up for crucial midterm elections.. The unemployment rate in the world’s largest economy ticked down to 4.1 per cent, according to data published on Friday by the US Bureau of Labor Statistics. US Federal Reserve Board chairman Kevin Warsh speaks in Washington, DC last month. The US Fed has been signalling it was preparing for a rate hike later this year. Photo: EPAFriday’s data will also pose a question to the US Federal Reserve, which has been signalling it was preparing for a rate hike later this year.