Payroll employment gained 0.1% in July, with gains in healthcare, education, and finance offsetting continued weakness in manufacturing…

… but that growth came at the expense of job vacancies, which fell 4% M/M and are off 15% versus last year.

Combined with the latest unemployment print, this hardly inspires confidence in the labour market - with 3.3 job seekers per available seat, the highest since 2017 outside of the pandemic.