U.S. economy unexpectedly lost 23,000 jobs in July

Rick Santelli breaks down the July jobs report showing a surprise loss of 23,000 nonfarm payrolls, downward revisions, and soft wage growth. He highlights falling bond yields, reduced expectations for a September rate hike, and equities showing resilience. - July nonfarm payrolls unexpectedly fell by 23,000, the second negative print of the year. - Two-month payroll revisions were sharply negative at -103,000. - Manufacturing payrolls added 5,000, the best since March. - Average hourly earnings rose only 0.1% m/m, missing expectations. - Year-over-year earnings growth fell to 3.2%, the lightest of the year. - Unemployment rate held at 4.1% but participation rate fell to 61.4%. - Bond yields dropped with the 10-year falling to 4.62%, and rate hike odds declined. - Equities showed no negative reaction to the weak report.