Wells Fargo economists say the US labor market has continued to stabilize after
a trough in 2025. Initial jobless claims remain low and regional Fed employment
PMIs show a slight pickup in June hiring, but other indicators have softened:
job postings and ADP’s weekly hiring metric have fallen since spring and
small‑business hiring plans slid to a cycle low in May. Overall, the data point
to labor demand being broadly steady rather than reaccelerating.
