The Headline Is -23,000. The Real Story Is What Temporary Layoffs Are Signaling.
Published At: Aug 07, 2026
July 2026 nonfarm payrolls fell -23,000 — the first negative headline of the cycle — but the buried story is 921,000 workers on temporary layoff, up 153,000 in a single month. Average hourly earnings rose just +0.05% MoM, effectively zero. Two sig...
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