Fox Business celebrates July jobs report showing a loss of 23,000 jobs: “This is great news”
The report from the Bureau of Labor Statistics also showed a downward revision for May and June of 103,000 jobs
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From the August 7, 2026, edition of Fox Business' Mornings with Maria
MARIA BARTIROMO (ANCHOR): Let's get to Lauren with the numbers, go ahead Lauren.
LAUREN SIMONETTI (CORRESPONDENT): Minus 23,000, no rebound for the July jobs report, negative 23,000. Unemployment rate dropped in July to 4.1%, from 4.2%, in June, and the same for the expectation. The number of unemployed dropped from 7.1 million to 6.9 million. Where are there jobs, Maria? Well, manufacturing, bright spot, better than expected, created 5,000 jobs in the month. But, again, a disappointing jobs report. Dow futures way up, doubling where they were before. I am going to continue to dig through to tell you where jobs are and are not, Maria.
BARTIROMO: All right, thank you Lauren. 23,000 jobs lost in the month of July. Louie, you wanted a weak report, you got it. Was this too weak?
LOUIS NAVELLIER (NAVALLIER AND ASSOCIATES FOUNDER): No, not at all. You know, when Palantir announced their earnings, they basically had record earnings by decreasing their sales force. So, there's this AI productivity boom underway and it's obvious what's happening. But no, this is great news, that's why the market's up, and now the Fed has an unemployment mandate, and so this is great news. And obviously, a lot of people disappeared from the work force if the unemployment rate dropped.
BARTIROMO: Charles, your reaction?
CHARLES PAYNE (FOX BUSINESS HOST): Yeah, we got to go through it, but Louis just made that last point, you know, fewer jobs but a lower unemployment rate, fewer unemployed, it's like a participation situation here. I want to get to wages, but I like that part with the manufacturing, that's really —
SIMONETTI: Wages are 3.2% on an annual basis.
PAYNE: OK, 3.2%, no pressure on Warsh. He might be sitting back smiling at everyone who went nuts last Wednesday because we had a PCE number that was better than expected, now this jobs report. So that's — the Fed's out of the picture at least for today. The manufacturing part of this, I think it dovetails with what I was talking about, this manufacturing miracle going on. And, you know, the rest of it, we've got to look at the details. Obviously, the market's reaction digesting this, it could be completely different at the end of the day. But we've got a pretty good tailwind in this market right now, and this should not hurt this market today.
BARTIROMO: No, this market's going well, it is up 231 on the NASDAQ, and the Dow Industrial's up 104.
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BARTIROMO: And we also have revisions, actually, for June and other revisions. Lauren, do you have those numbers?
SIMONETTI: Yeah. Revisions for June, Maria, down by 37,000. May down by 66. Combined, 103,000 fewer jobs created in the months of May and June, Maria.
BARTIROMO: Yeah. And that is all about — the market reaction today is all about what this means for the Federal Reserve.