A look beneath solid headline jobs numbers shows some cracks are starting to form in the U.S. labor market. In August, the Bureau of Labor Statistics will publish preliminary annual revisions to payroll numbers, which could show further softening for the first few months of the year. This is usually seen as a leading indicator of cooling in the labor market, as temporary staff are often the first to be added when demand is picking up and the easiest to cut when growth is slackening. “The June jobs report was poised to be another blowout. Instead, it showed signs of the labor market cooling,” Pollak said.

Source: Los Angeles Times July 09, 2023 15:09 UTC