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Key Insights:
Labor demand softened in June, with both hires and job openings falling. Major downward revisions to May and June data point to a sharper slowdown than previously reported. Wage growth for job switchers has plateaued, reducing the financial incentive to change roles. The Fed held rates steady, and while recently reported rising CEO confidence and new legislation may spur renewed hiring investment, growing tariff tensions and the unexpected firing of the BLS commissioner could inject additional uncertainty into the outlook. Consumer sentiment toward current job conditions dipped, but optimism about future job availability is trending upward.