Employers unexpectedly cut 23,000 jobs in a sign of a wilting labor market

The U.S. labor market softened in July as employers cut 23,000 jobs. Construction companies and factories continued to add workers, but retailers and restaurants shed jobs.

U.S. employers cut 23,000 jobs in July, and job gains for the two previous months were weaker than initially reported, according to a report Friday from the Labor Department.

(Image credit: Joe Raedle)