Nonfarm payrolls in the U.S. unexpectedly declined in July, but so did the unemployment rate, leaving investors with mixed signals on how to process the latest jobs report. "This report is like a hall of mirrors, tricking investors with different signals about whether labor's recovery is stalling." "We agree that the [July] jobs report was a bit dovish on net. The [July] CPI report is a bigger event than today's jobs numbers." "Although the stock market is likely to welcome the dovish implications of the report, investors should be wary of the future growth potential of an economy where fewer people are working."