PARTICIPATION PROBLEMS
07/02/2026 |
Net June job growth was just 57,000, well below the 113,000 expected and April/May were collectively revised down 74,000. Suddenly job growth/month looks about right based on demographics and immigration policy. Moreover, Y-o-Y wage growth at 3.5% continues to badly trail the inflation rate, and the only reason the unemployment rate fell is because labor force participation continues to downright plummet, and at 61.5% is at a five-year low.