The July decline marked the first monthly job loss in months and fell well under the 34,000 average monthly gain recorded over the preceding 12 months. Local government education employment declined by 50,000 and retail trade employment fell by 19,000, driven largely by warehouse clubs, supercenters and other general merchandise retailers, according to the bureau's data. Employment figures for May and June were also revised lower, with the combined revisions showing employment had been 103,000 lower than previously reported. The Dow Jones Industrial Average edged up 0.17%, the S&P 500 gained 0.36%, and the Nasdaq Composite rose 0.84%. Money markets continued to project a Fed rate hike sometime in 2026, but pushed the likely timing back to December at the earliest.