On the face of it, the U.S. job market has looked pretty stable this year. Hiring has been solid – if not exactly spectacular – after a lackluster 2025.

American businesses added fewer jobs in July than experts had predicted, with private payrolls up by just 44,000— the weakest increase this year. Conversely, job switchers enjoyed…

On the face of it, the U.S. job market has looked pretty stable this year. Hiring has been solid – if not exactly spectacular – after a lackluster 2025.