LOST LABOR
08/04/2025 |
July job growth rose just 73,000, but May/June were revised down 258,000! Average May/June/July job growth is a dismal 35,000/month, the worst three-month stretch since 6/20. Worse, unemployment rose to 4.2% despite the labor force falling by 35,000 and the labor force participation rate fell to 62.2%, its worst reading since 11/22. Add rising wages, maybe because the foreign-born workforce shrank dramatically last month, and you have an unsettling report.