
July 2026 Jobs Slide Keeps Fed Hikes in Play
US July nonfarm payrolls fell 23,000 as unemployment eased to 4.1% and the labor-force participation rate slipped to 61.4% (the lowest in over five years). May and June were revised down, with declines led by local government education (-50k) and retail (-19k); healthcare added 22k. Average hourly earnings rose just 2 cents to 3.2% year-over-year. With policymakers split on rate moves, futures imply mixed odds for a September hike while markets rose on the prospect of slower inflation, and yields fell.













