Daily Rundown

August 10, 2026

Chart of the Day

Number of the Day

61.4

The labor force participation rate in July, down from 61.5 percent in June for a seventh decline in the last eight months (including a statistical adjustment in January) and the lowest level since early 2021

Quote of the Day

“If the wind’s in your face, you just have to tighten up a bit, and that may be the kind of environment we’re in.”

Richmond Fed President Tom Barkin

Friday’s Highlights

Nonfarm payrolls (July) fell by 23,000, the first decline in five months.

The unemployment rate (July) ticked down to 4.1 percent from a prior 4.2 percent.

The average workweek (July) held steady at 34.3 hours for a fourth straight month.

Average hourly earnings (July) rose by 0.1 percent on the month and 3.2 percent year-over-year.

Consumer credit (June) moved higher by $14.2 billion, rebounding after a pullback in May.

Wholesale used vehicle prices (July) fell by 1.4 percent to a seven-month low.

Quick Commentary

The jobs numbers on Friday weren’t quite as bad as suggested by the headline -the drop in payrolls was driven in large part by a decline of 50,000 in state and local government employment- but they were still soft on balance to continue the cooling trend that began in the spring. There were declines in a handful of key industries (trade/transportation, leisure/hospitality, and financial services, with the latter moving lower for a fifth straight month), negative revisions to the May and June data, and a continued slowdown in wage growth. Perhaps the most striking aspect of the report, however, was the strong hint of weakness on the supply side as well as the demand side. The labor force fell steeply again in July and is now down by nearly one million in just the last two months. The upshot is a renewed decline in the unemployment rate even as job growth is slowing. The labor market is modestly tightening, but, as the wage trend makes clear, still far from overheating and still more of a risk to the downside than the upside for the broader economy.

Daily Trivia

What localized asset, created by a 1937 law signed by Fiorello La Guardia, saw a boom/bust in the 2000s and 2010s, with prices rising more than fivefold before plunging over 80 percent all within a span of 15 years?

(Friday’s Question: Debuting in 1877 and sometimes known as “Larry”, what is the oldest continuously used brand mascot in the U.S.? Answer: The Quaker Oats man)