July jobs report: How a big headline miss may be overstating weakness

What should we make of a weak payroll print alongside a lower unemployment rate? In this episode of Making Sense, Lauren Brice from the North America Rates Sales team sits down with Mike Feroli, Chief U.S. Economist at J.P. Morgan, to unpack the July jobs report and what it implies for U.S. growth momentum in 2026. They discuss why the headline miss may overstate weakness, what steady-but-low…