Story perspectives

Weak July jobs report triggers Fed pause, sparks stock rally

8/8/2026

Summary

ICE Cuts Jobs

The U.S. economy lost 23,000 jobs last month while the unemployment rate fell as the labor force contracted.
Immigration and Customs Enforcement (ICE) arrests surged in President Donald Trump’s second term, cutting jobs for undocumented immigrants and lowering construction employment for U.S.-born men with a high-school diploma or less by 3%.
Researchers Chloe East and Elizabeth Cox found one U.S.-born male lost a job for every six undocumented males removed.

Summary

Fed Pauses

Stocks rose Friday because the weak July jobs report led the Federal Reserve (Fed) to pause rate hikes, pushing the S&P 500 to a record 7,757.64.
July average hourly earnings rose 2 cents, leaving 12-month growth at 3.2%, the slowest in almost five years.
Northlight Asset Management's Chris Zaccarelli said the July report “highlights risks embedded in the labor market” and challenges the view that the Fed must raise rates.

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ICE Cuts Jobs

The U.S. economy lost 23,000 jobs last month while the unemployment rate fell as the labor force contracted.
Immigration and Customs Enforcement (ICE) arrests surged in President Donald Trump’s second term, cutting jobs for undocumented immigrants and lowering construction employment for U.S.-born men with a high-school diploma or less by 3%.
Researchers Chloe East and Elizabeth Cox found one U.S.-born male lost a job for every six undocumented males removed.

1 / 2