Jobs report shows US unexpectedly lost jobs in July
Federal Reserve Chair Kevin Warsh speaks during a news conference at Federal Reserve Headquarters on July 29, 2026, in Washington, D.C. (Win McNamee/Getty Images)
(WASHINGTON) — The U.S. economy unexpectedly lost jobs in July, demonstrating a wobbly labor market as shoppers continued to withstand a surge of inflation set off by the Iran war.
The U.S. lost 23,000 jobs in July, according to the federal government’s monthly jobs report, which marked a decline from 57,000 jobs added in June.
The unemployment rate fell slightly from 4.2% in June to 4.1% in July, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.
The lackluster figure recorded in July departs from largely resilient performance for the labor market so far in 2026, despite a historic oil shock that has driven up fuel prices and hiked supply-chain costs for a host of other goods.
A government report issued last week showed a steeper slowdown in gross domestic product than expected over three months ending in June, however, suggesting strain in the underlying economy over the early months of the war.
The U.S. added an average of 92,000 jobs per month over the first half of 2026, U.S. Bureau of Labor Statistics data showed. That pace marks an improvement from an average of about 7,000 jobs lost per month over the second half of 2025.
The Iran war drove up gasoline prices and catapulted inflation to a three-year high in May. A preliminary peace agreement in June offered up some relief, but a burst of on-again, off-again fighting in recent weeks caused crude prices to rise again.
The combination of elevated inflation and a resilient labor market has raised the chances of an interest rate hike, futures markets show. Investors peg the odds of a quarter-point rate hike next month at about 56%, according to the CME Group’s FedWatch Tool, a measure of market sentiment.
The Fed opted to hold interest rates steady at its meeting last week, but central bankers appeared divided over the move. Three of the 12 members on the Fed’s policymaking board voted in favor of a rate hike, marking the largest number of dissenters casting ballots in the same direction since 2016.
A rate increase, however, could risk a slowdown in hiring and economic growth over the coming months as corporations face the prospect of higher borrowing costs.
The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.
Fed Chair Kevin Warsh, who took the helm of the central bank this summer, has repeatedly vowed to dial back inflation.
“The committee remains resolute — you’ve heard this before — that we will deliver price stability,” Warsh told reporters in Washington, D.C., last week.
In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen on Oct. 19, 2022, in Freeport, Texas. (Brandon Bell/Getty Images)
(NEW YORK) — The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982, Department of Energy data this week showed, revealing the continued drawdown of emergency oil as the nation weathers a global energy shortage.
The reserve shrank by more than 3 million barrels of oil over the week ending on Aug. 28, the DOE said, leaving the stockpile at 286.6 million barrels or about 40% of overall capacity.
The largest global oil supply disruption on record has catapulted U.S. gasoline prices above $4 a gallon, rekindled inflation and helped set the stage for November’s midterm elections.
At one point, global oil prices climbed above $92 a barrel on Tuesday, after the United Kingdom Maritime Trade Operations said late Monday it had received reports of an oil tanker having been struck by three projectiles off the coast of Oman.
Established after the Arab Oil Embargo triggered an energy crisis in the early 1970s, the Strategic Petroleum Reserve provides an emergency source of oil that is intended to protect the U.S. against a sudden supply crunch.
The reserve, which can reach as many as 714 million barrels, is stored in large, high-security underground salt caverns along the gulf coastlines of Louisiana and Texas.
The president retains wide discretion to release oil from the reserve when the statutory conditions under the Energy Policy and Conservation Act are met. In such cases, the U.S. sells the oil on the open market, which in theory should bring oil prices down by increasing supply.
Days after the outbreak of the Iran war in late February, the International Energy Agency (IEA) said its 32 member nations, including the U.S., would release a combined 400 million barrels of reserve oil. When completed, the move would amount to the largest oil release in the IEA’s history, the group said at the time.
The U.S. said at the time it would release 172 million barrels from its reserve over as part of the EIA commitment. So far, the U.S. has released about 128 million barrels of reserve oil since the war began, according to data compiled by the U.S. Energy Information Administration, a government agency.
Before the Iran war, the U.S. had put petroleum on the market under emergency conditions four times since it was founded in 1975, according to the DOE.
Most recently, President Joe Biden authorized the release of 180 million barrels over six months in March 2022 after a spike in oil prices that followed the Russian invasion of Ukraine.
Emily Normandin-Parker is seen in this photo. Her parents Carol Normandin and Ken Parker were awarded $40 million in arbitration after their daughter was struck and killed after her Uber driver left her along a Southern California freeway. (Courtesy Panish Shea Ravipudi LLP)
(NEW YORK) — The parents of a 23-year-old woman who was struck and killed after her Uber driver left her along a Southern California freeway are speaking out after being awarded $40 million in an arbitration against Uber and the driver.
Carol Normandin and Ken Parker, the parents of Emily Normandin-Parker, sat down exclusively with “Good Morning America” in an interview aired on Thursday to discuss their daughter’s death and the arbitration award.
Asked if they believe Uber put profits over their daughter’s safety, Normandin responded, “Absolutely.”
Normandin-Parker, a 2022 UCLA graduate, was taking an Uber home with her friend Luna Moore after a night out when Moore became sick during the ride, according to the arbitration award.
The driver, Vu Tran, pulled over on State Route 73 in Orange County at a gore point — the triangular area by the off-ramp on the freeway, according to the arbitration.
“He chose to pull over there and demand money and kick them out of the car. All I can think that Emily was doing — her friend, the driver arguing — was to get help. They argue, Emily gets hit while they’re arguing,” Normandin told ABC News’ Trevor Ault in an interview that aired Thursday on “GMA.”
In his arbitration award, retired Judge Richard A. Stone, who served as the arbitrator, described the gore point as an “unsafe and illegal” area and found that Tran could have instead taken the nearby MacArthur Boulevard exit and stopped in a safe location.
Stone also wrote in the award that Tran knew Normandin-Parker and Moore were intoxicated and had argued with Moore over a cleaning fee before leaving the women at the location.
Normandin-Parker later entered the freeway and was struck and killed by a vehicle.
According to the arbitration award, GPS data showed Tran drove near Normandin-Parker’s body before taking the next exit and calling Uber to seek a cleaning fee.
Stone described Tran’s testimony as “largely — in fact, almost entirely — incredible and unbelievable.”
The arbitrator also found Tran showed “far more worry for his new car than he did for his passengers” and that he had options to get the women to a safe location.
According to attorneys representing Normandin-Parker’s parents, evidence presented during the arbitration showed Uber had received previous complaints about Tran’s driving. One rider described a trip with Tran as “the least safe” ride they had experienced, while another said “he cannot drive.”
Parker described the complaints to “GMA” as “driving the wrong way on a one-way, erratic driving, almost hitting pedestrians, very erratic behavior.”
Following the five-day arbitration, Stone awarded $20 million each to Normandin and Parker, finding Uber and Tran jointly and severally liable. Moore was separately awarded $300,000. The arbitrator did not award punitive damages.
Stone also found Uber vicariously liable for Tran’s negligence as a common carrier. In his decision, Stone rejected Uber’s argument that it is “merely a technology company” connecting riders with drivers, finding that Uber provides transportation services to the public through its app, sets prices and controls key aspects of the rider experience.
The arbitrator also rejected Uber’s argument that Proposition 22 — a California ballot measure approved by voters in 2020 that allows companies to classify app-based drivers as independent contractors instead of employees — prevented the company from being held liable for Tran’s conduct.
In a statement to “GMA,” an Uber spokesperson said, “No family should have to suffer the loss of a child, and our thoughts continue to be with the Normandin-Parker family.”
“While we respect the arbitration process, we believe the arbitrator was wrong in holding Uber legally responsible for the tragic events of that night,” the statement continued.
“We have continued to strengthen our approach to safety over the years…including additional guidance to drivers about avoiding drop-offs in unsafe locations,” the statement said.
Normandin-Parker’s parents also spoke to “GMA” about Uber’s efforts to keep the arbitration award from being made public.
“We didn’t have much time to absorb the award before Uber almost immediately started contending that it could not be made public and then sent an agreement to us requiring non-disparagement, the $10 million penalty for saying anything bad about Uber,” Parker said.According to a press release from their attorneys, Normandin and Parker established the Emily Normandin-Parker Foundation following their daughter’s death to advocate for ride-hailing safety and corporate accountability. Proceeds from the arbitration award will be used to fund the foundation, the release said.
Ian Samson, an attorney for the family, told “GMA,” “he said, I’m troubled by all this, and changing the policies and practices is something Uber should do. And since the arbitration award was issued, what I’ve seen is great urgency by Uber to try to keep it secret.”
According to a press release from their attorneys, Normandin and Parker established the Emily Normandin-Parker Foundation following their daughter’s death to advocate for ride-hailing safety and corporate accountability. Proceeds from the arbitration award will be used to fund the foundation, the release said.
When asked what else they wanted people to know about their daughter, Normandin said, “Her laugh was contagious.”
“And she was funny. And she could sing. Oh my god, could she sing,” Normandin said.
