Episode Details

The latest jobs report dropped below expectations, with only 57,000 new jobs added—far short of the 115,000 forecast. Unemployment dipped slightly to 4.2%, but that’s misleading: fewer people are working, not just unemployed. April and May’s job gains were revised down by 31,000 and 43,000 respectively, wiping out 74,000 jobs from earlier estimates. Leisure and hospitality took the biggest hit, losing 61,000 jobs, while professional services and healthcare added jobs. Wages rose just 0.3%, and the Fed’s rate decision in July just got murkier.

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