Economy Loses 51,000 Jobs in July (Update)

The U.S. economy lost jobs for the seventh straight month in July, but fewer workers came off payrolls than most analysts expected.

According to the Labor Department, 51,000 nonfarm jobs were shed last month, whereas a Bloomberg survey had a consensus estimate for a loss of about 75,000. The unemployment rate rose to 5.7%, a bit higher than forecast.

The employment figures for May and June were revised higher to add back a combined 26,000 jobs that had been previously reported as being cut. ...