So payrolls came in at -23k when everyone was expecting +80k — that's a miss. But the real kicker? June got revised down from 57k to 20k. Could swing back up next month, could go lower. Nobody knows.
What actually matters here is unemployment at 4.2%. That dip is interesting.
Now, lower workforce participation isn't automatically bad if it's structural — aging population, people choosing different lifestyles, immigration slowing down, productivity picking up the slack. That's fine.
But here's the thing: fewer people working means less income tax rolling in. Government's gonna feel that eventually. Just something to keep an eye on.
What actually matters here is unemployment at 4.2%. That dip is interesting.
Now, lower workforce participation isn't automatically bad if it's structural — aging population, people choosing different lifestyles, immigration slowing down, productivity picking up the slack. That's fine.
But here's the thing: fewer people working means less income tax rolling in. Government's gonna feel that eventually. Just something to keep an eye on.