The US economy unexpectedly lost 23,000 jobs in July, marking the first monthly payroll decline since February and raising fresh concerns about the strength of the American labor market. The July 2026 US jobs report, released by the Bureau of Labor Statistics on Friday, came in far below expectations. Some forecasts had pointed to a gain of about 85,000 jobs. Economists polled by Reuters expected an increase of 80,000. The weakness also extended beyond July. The BLS revised May payroll growth down from 129,000 to 63,000 and June growth from 57,000 to just 20,000. Together, the revisions erased 103,000 jobs from earlier estimates. Unemployment falls as workers leave labor force The unemployment rate slipped from 4.2 percent in June to 4.1 percent in July. However, the decline did not reflect stronger hiring. Reuters reported that 264,000 people left the labor force during the month. That pushed the labor force participation rate down to 61.4 percent, its lowest level since February 2021. The BLS said participation has fallen 0.7 percentage point since January. Read More: US imposes new tariffs on 60 trade partners, including Pakistan Household employment also dropped by 87,000. Meanwhile, about 4.8 million people worked part time for economic reasons. The figures have intensified scrutiny of President Donald Trump’s economic agenda, particularly policies affecting immigration and labor supply. Reuters reported that the US labor force has fallen by more than one million people this year. Hospitality, education and retail lead losses Leisure and hospitality lost 40,000 jobs in July, its second straight monthly decline. Restaurants and bars accounted for 26,100 of those losses. Local government education employment fell by nearly 50,000, contributing to a 53,000 decline in total government payrolls. Retail trade lost 19,000 jobs, while financial activities shed 14,000. Some industries still added workers. Healthcare gained 22,000 jobs, construction added 22,000 and manufacturing increased employment by 5,000. Average hourly earnings rose only two cents to $37.62. Wages increased 3.2 percent from a year earlier, slowing from 3.4 percent in June. The average workweek remained unchanged at 34.3 hours. Markets rethink Federal Reserve rate path Financial markets treated the weak report as a reason for the Federal Reserve to avoid further tightening. Treasury yields fell, the dollar weakened and US stocks moved higher. The S&P 500 later closed at a record high. Reuters said markets cut the probability of a September rate hike to about 44 percent from 57 percent before the report. The Fed kept its benchmark rate at 3.50 percent to 3.75 percent last week. Economists cautioned against treating one weak month as proof of a recession. Seasonal distortions can affect summer employment, especially around the end of the school year. Stephen Stanley, chief US economist at Santander US Capital Markets, said: “Policymakers broadly see the labor market as stable.” Still, the combination of payroll losses, sharp downward revisions, weaker participation and slower wage growth gives policymakers a clear warning that the US labor market is losing momentum.
Truth Social Will Sell Traders Faster Access to Trump’s Posts
Trump Media & Technology Group plans to launch a paid data feed giving banks and trading firms “the fastest” access to posts from influential Truth Social accounts, including President Donald Trump’s. The product, called Truth API, will begin operating on August 1. It will cover the platform’s 10 most influential accounts and deliver posts significantly faster than standard push notifications. TMTG said it has already signed customers. New Revenue Stream for Trump Media The feed targets organisations “most impacted by the cost of a delay in information,” including algorithmic and high-frequency trading firms. “Until now… firms that prioritise tracking influential Truth posts have relied on manual monitoring. Truth API closes the gap,” the company said. The move marks TMTG’s first entry into data licensing. It could create recurring income as the company competes with larger social media platforms and expands beyond advertising and subscriptions. “Markets already move on Truth Social posts … As adoption grows, we expect Truth API to become a meaningful, ongoing source of revenue for the company,” interim chief executive Kevin McGurn said. The service will operate around the clock and include an archive dating to 2022. Influential accounts include Trump, Donald Trump Jr., Eric Trump, Dan Bongino and Sean Hannity. TMTG said outside firms have scraped Truth Social posts for months in violation of its terms. “We’re going to create a lot of friction for those folks that aren’t coming to us directly,” McGurn said. Trump Posts Have Moved Global Markets Trump often announces trade and economic policies through Truth Social. His “Liberation Day” tariffs and comments about restrictions on China have prompted sharp market reactions. On April 9, 2025, Wall Street’s main indexes turned sharply higher after Trump announced a 90-day pause on many new tariffs. “As far as I know, the only market-moving poster on Truth Social is Trump himself and his posts definitely move the market,” said Mark Spiegel of Stanphyl Capital Partners. Spiegel said unequal access already existed in financial markets. The API would add another advantage for firms able to pay. Legal and Conflict Concerns The Donald J. Trump Revocable Trust holds 114.75 million TMTG shares, equal to about 41% of outstanding stock. Trump remains its sole beneficiary, while Donald Trump Jr. serves as sole trustee. Robert Frenchman, a New York lawyer experienced in federal trading cases, said platforms may legally offer faster access. “It certainly does not seem fair, but yes, a tech platform can tier its distribution of information without violating federal securities laws,” Frenchman said. Senator Ron Wyden, the top Democrat on the Senate Finance Committee, said the service would benefit the Trump family and “make Wall Street traders rich.” The White House referred questions about Wyden’s criticism to TMTG. A spokeswoman has previously denied conflicts of interest. TMTG did not answer whether the service could create unequal trading opportunities. Truth API gives institutions a licensed alternative to manual monitoring and data scraping. Its value will depend on how often prominent users release market-sensitive information.
How SpaceX Turned Elon Musk Into the World’s First Trillionaire
Elon Musk’s SpaceX made a stunning debut on Wall Street on Friday, with shares jumping as much as 30 percent after what has been described as the largest initial public offering in history. The blockbuster listing raised more than $75 billion and briefly pushed SpaceX’s market value above $2 trillion, making it one of America’s most valuable companies and cementing Musk’s position as the world’s first trillionaire. SpaceX priced more than 555 million shares at $135 each ahead of its Nasdaq debut under the ticker symbol “SPCX”. During early trading, the stock climbed to as high as $175 per share, lifting the company’s valuation far beyond the levels reached during private fundraising rounds. The offering attracted extraordinary demand from institutional and retail investors. Bloomberg reported that the IPO was more than four times oversubscribed. Retail investors also showed strong interest after SpaceX reserved 20 percent of shares for individual buyers. The company could raise more than $86 billion if investors exercise options covering nearly 83 million additional shares. Celebrations took place both at Nasdaq headquarters in New York and at SpaceX’s Starbase facility in Texas, where employees gathered to watch the trading debut. Musk Pitches Vision of Mars and Space-Based AI Speaking at an event in Starbase, Musk outlined the company’s long-term ambitions. “SpaceX wants to be able to take you to the Moon, take you to Mars, and ultimately beyond,” Musk said. “I’m confident at this point that with the incredible team that we have here at SpaceX, that we will do that for you.” Founded in 2002 as a rocket company, SpaceX has evolved into a sprawling technology conglomerate. The company now combines launch services, Starlink satellite internet operations and artificial intelligence businesses under one corporate structure. SpaceX recently integrated xAI, Musk’s artificial intelligence company, which also includes social media platform X and the Grok chatbot. Investors are betting heavily on future growth. Company filings outlined plans that include expanding Starlink globally, developing space-based data centres and eventually supporting human settlements on Mars. The filing also projected potential revenue opportunities exceeding $28.5 trillion across multiple future markets. Investors Back Musk Despite Controversies The IPO arrives just over a year after Musk left President Donald Trump’s administration, where he led the controversial Department of Government Efficiency initiative aimed at reducing federal spending. Musk remains one of the world’s most polarising business leaders. His support for Trump, backing of right-wing political movements in Europe and frequent comments on X have attracted both praise and criticism. Yet investor enthusiasm remains strong. Revenue reached $18.7 billion in 2025, reflecting rapid growth across SpaceX’s businesses. However, the company reported a net loss of $4.9 billion as it continued investing heavily in artificial intelligence infrastructure and future projects. The listing is expected to create thousands of new millionaires among current and former employees. It also provides a major test for investor appetite ahead of potential IPOs from artificial intelligence companies such as OpenAI and Anthropic. Not everyone welcomed the milestone. Democratic Senator Elizabeth Warren criticised the development. “The world will get its first trillionaire while Americans across the country are scraping together every dollar to save for retirement,” Warren said. Despite the criticism, Friday’s debut marked a historic moment for both Wall Street and the global technology industry. It also reinforced Musk’s ability to attract investor support for some of the most ambitious projects in modern business.
PSX Starts 2026 on a High as KSE-100 Jumps Over 700 Points in Early Trade
The Pakistan Stock Exchange began the new year on a firm footing as bullish sentiment lifted equities in early Thursday trading, pushing the benchmark KSE-100 Index sharply higher within minutes of the opening bell. By 9:35am, the index had climbed to 174,755.54 points, up 701.22 points, representing a 0.40% increase from the previous close. The early rally reflected renewed investor confidence after profit-taking weighed on the market in the final session of last year. Gains were broad-based, with strong buying interest seen in commercial banks, oil and gas exploration firms, and oil marketing companies (OMCs). Heavyweight stocks such as OGDC, Pakistan Oilfields, PPL, PSO, MCB Bank, and UBL all traded in positive territory, providing significant support to the index. Despite the upbeat market start, concerns lingered on the fiscal front. Provisional data showed that the Federal Board of Revenue (FBR) collected Rs6,154 billion during the first half of the current fiscal year (July–December 2025–26), falling short of the Rs6,490 billion target by Rs336 billion. The revenue gap, particularly weak December collections, could compel the government to implement contingency measures under its agreement with the International Monetary Fund. The strong opening followed a subdued close on Wednesday, when the PSX ended the year lower amid profit-booking. The KSE-100 Index had shed 418.45 points to close at 174,054.32 in the final trading session of 2025. Global cues remained mixed. US equities ended lower overnight, with Wall Street benchmarks easing on the last trading day of the year amid thin volumes. Investors locked in profits after a volatile 12 months marked by geopolitical tensions, fluctuating tariff risks, currency weakness, and intense enthusiasm around artificial intelligence stocks. While US markets posted solid annual and quarterly gains, modest declines were recorded in the S&P 500 and Nasdaq for the month, underscoring a cautious finish to an otherwise resilient year for global equities.
