US unemployment fell to a two-year low of 4.1% in July, but payrolls dropped −23,000 and labor force participation slid to 61.4%. Fewer people looking for work drove the decline, not more hiring. The same week, the White House renewed its push to remove Federal Reserve Governor Lisa Cook.
Fed Governor Lisa Cook remains under White House pressure as adviser Kevin Hassett rules out taking her seat and signals a preference for steady or lower rates. Source
