Key points:

• U.S. employers added just 73,000 jobs in July, according to the Bureau of Labor Statistics, and growth from the prior two months was revised down by a combined 258,000 jobs.
• The healthcare and social assistance sub-sector accounts for just 14.6% of total jobs in the economy, but almost half (48.8%) of all employment growth in the U.S. has occurred in this sub-sector over the past year.
• The unemployment rate rose slightly to 4.2%, from 4.1% in June.

Today’s jobs report officially ripped the mask off the market. The underlying weakness that had been apparent just under the surface came into full view after major downward revisions showed the past few months of seemingly steady jobs growth to be basically nonexistent. Entering 2025, the jobs market was largely held up by a three-legged stool of healthcare and social assistance, leisure & hospitality, and government hiring. Now, only healthcare and social assistance remain standing and steadily adding jobs — but it’s difficult to hold the rest of the market up with one leg.

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