Firms aren't shedding workers, yet the pace of hiring has slowed. What do these mixed labor market signals mean for the broader economy? In this episode, Lauren Brice is joined by Mike Feroli, J.P. Morgan's chief U.S. economist, to unpack the numbers from the latest U.S. jobs report. They discuss the impact of lower immigration, the significance of recent data revisions and the current state of hiring and layoffs. They also cover the recent Fed meeting and what this could mean for future monetary policy.

This episode was recorded on August 1, 2025.

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July jobs report: A marked slowing in job creation

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