Revised data from the U.S. Bureau of Labor Statistics cut June job openings by 177,000 to 7.2 million, the largest monthly downward revision since November 2025 and the third consecutive monthly reduction. June hires were revised down 16,000 to 5.3 million, quits fell 19,000 to 3.2 million, and layoffs and discharges rose 19,000 to 1.8 million. Job openings have now been revised lower in 38 of the past 43 months, prompting The Kobeissi Letter to question the reliability of labor-market readings. Preliminary July JOLTS data showed little change, with 7.3 million openings, 5.1 million hires and 5.1 million total separations; quits were 3.1 million and layoffs were 1.7 million. Hires declined by 188,000 in professional and business services, while openings increased by 76,000 in durable goods manufacturing. Jeffrey Roach, Chief Economist for LPL Financial, said Q3 economic growth will likely be 2.0% and unemployment will remain close to 4.2%, while persistent inflation is raising the probability of a September interest rate hike. The S&P 500, Nasdaq Composite and Dow Jones were up 12.54%, 14.08% and 10.40%, respectively, year to date, while SPY and DIA fell and QQQ gained in Friday trading.