Summer jobs report is a double whammy for workers

Axios reports the U.S. economy shed twenty-three thousand jobs in July—the first negative month since February. The real alarm, though, comes from revisions: May and June combined lost more than one hundred thousand jobs, cutting the three-month average from one hundred eleven thousand down to just twenty thousand. Labor force participation is shrinking rapidly—nearly one million people have exited the workforce in just two months. Workers facing weakening hiring and inflation that outpaces wage growth now face a double squeeze, while the Federal Reserve gains breathing room to hold off on rate increases even as price pressures remain stubbornly high.

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