Sung Won Sohn, chief economist at SS Economics, said the U.S. June jobs report reshapes the labor-market picture: nonfarm payroll growth slowed and was revised down, labor force participation fell, leisure and hospitality weakened, and job gains remain heavily concentrated in health care and social assistance. Sohn said the data indicate the labor market is no longer booming, describing a "low hiring, low firing" environment with less margin for error. He added the report reduces near-term odds

Sung Won Sohn, chief economist at SS Economics, said the U.S. June jobs report reshapes the labor-market picture: nonfarm payroll growth slowed and was revised down, labor force participation fell, leisure and hospitality weakened, and job gains remain heavily concentrated in health care and social assistance. Sohn said the data indicate the labor market is no longer booming, describing a "low hiring, low firing" environment with less margin for error. He added the report reduces near-term odds of further Fed tightening, has weakened the dollar, and investors will monitor whether the cooling persists.