Live updates: The July jobs report will be the latest data entry in the recession debate

Max AdamsAug 4, 2022, 03:10 IST

People walk past a &quotnow hiring" sign posted outside of a restaurant in Arlington, Virginia on June 3, 2022.Olivier Douliery/AFP/Getty Images

The July non-farm payrolls report is set to be released on Friday, August 5 at 8:30 a.m. The report arrives ahead of July's Consumer Price Index reading, set to be published on Wednesday, August 10. Together, the two reports will paint a crucial picture of the US economy that has technically entered a recession after the second consecutive quarter of negative GDP growth.

Follow along for live updates from Insider:

Inflation hurts, but we're in real trouble when people can't get a job

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Workers aren't acting like we're in a recession — more than 4 million quit their jobs in June

In June, 4.2 million people quit their jobs, according to the Bureau of Labor Statistics.

At the same time, hiring wasn't slowing down: 6.4 million Americans were hired in June, and the layoff rate stayed low at 0.9%. That means that, even as some do see layoffs and hiring slowdowns, workers for the most part aren't worried about walking away from their jobs.

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It's the beginning of the end of the labor shortage

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The US could be heading for a recession. That's great news for stocks.

The economy is shrinking, and Americans increasingly fear a recession is either on the horizon or already here. Yet the stock market is positively thriving.

The S&P 500 was up over 9% in July, staging its biggest one-month rally since 2020. Investors are trying to regain its footing after a brutal first half of the year, but economists stress that the market is not the economy and warn that data still shows an uncomfortably hight likeliehood of a recession.