The U.S. economy shed 23,000 jobs in July, a sign that the labor market had not stabilized after four months of positive growth. In yet another troubling sign for the labor market, the Bureau of Labor Statistics said that it revised down the prior two months by a combined 103,000. May’s jobs total was cut by 66,000 to 129,000 total jobs added, while June’s total was lowered by 37,000 to a total gain of 57,000. “The labor market is stalling again,” Long said, also calling the report “bleak.” “The magnitude of the payroll miss suggests the labor market may be losing momentum and can no longer be considered the pillar of strength,” said Allianz investment strategist Charlie Ripley.