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31st Jul 2025 20:25USWeekly Monitor

  • Meager job gains in July and huge downward revisions leave payrolls looking far weaker than before.
  • Private payrolls ex-healthcare fell by 16K per month on average in the three months to July.
  • The stable unemployment rate reflects young people deferring active job search; hidden slack is mounting.

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Keywords for: 4 August 2025 US Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence