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

Max Adams   

Live updates: The July jobs report will be the latest data entry in the recession debate
People walk past a "now 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

Inflation hurts, but we
Yellow Dog Productions/Getty Images

Joblessness, not inflation, is the biggest threat to the economy, some experts say.

Fed Chair Jerome Powell has frequently pointed to the labor market's strength as a sign that the economy can shoulder the burden of higher rates, but the central bank is walking a tightrope in its fight against inflation. The odds of a recession are rising among many Wall Street analysts.


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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

It
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Job openings tumbled to 10.7 million from 11.3 million in June, according to Job Openings and Labor Turnover Survey data published Tuesday morning.That's below median estimates of 11 million.

The data hints that the labor shortage may be waning, as the number of unemployed Americans per job opening climbed to 0.6 in June from 0.5.


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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.


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