June NFP headline job additions were primarily dragged down by leisure & hospitality due to front-loading in April & May ahead of the FIFA World Cup. The increase in multiple jobholders (including agro) is almost equivalent to the decrease in the number of employed persons (Jan '25-June '26) due to labor force contraction and skill mismatches. If the labor force participation rate now stays around 62.6% (2024) levels instead of 61.9% (2026), the headline unemployment rate would be ~5.0% instead of 4.3% on average. Fresh US job creations are subdued due to Trump policy uncertainty despite the so-called perceived narrative of ‘Make in USA’ and AI/construction boosts. The Fed will be in wait-and-watch mode till Dec '26 amid transitory hotter inflation and a softer employment situation in the economy, which may affect US consumer spending going forward.  On July 2, 2026, the focus of the market was on the US NFP/BLS job report for June '26 and the overall employment...