LIMP LABOR

Employers added 114,000 net July jobs, the lowest level since 12/20 except for the 108,000 three months ago. May and June were revised down by 29,000 and wage growth slowed to 3.6%, barely ahead of inflation, the weakest reading since 5/21. The unemployment rate rose to 4.3%, the highest rate since 10/21. It’s now risen enough to trigger the Sahm Rule which has correctly forecasted every recession since 1970.