• GDP: Not reported today; growth outlook clouded by labor market surprise.
• Inflation: NY Fed survey shows 1-year expectations dipped to 3.6%, but long-term stays firm at 3%.
• Jobs: Economy lost 23,000 payrolls in July, a stark miss versus the +80,000 forecast.
• Consumer Confidence: Under pressure as rising prices erode wage gains, squeezing household budgets.

The Checkup

The U.S. labor market hit a pothole in July, shedding 23,000 jobs and...