The Labor Brief | August 2026

The July employment report delivered another round of mixed signals, with weakening payroll growth and sizable downward revisions alongside a declining unemployment rate. In this episode of ECON-versations with NABE, Julia Coronado is joined by Michael Horrigan, CBE, President of the W.E. Upjohn Institute and incoming NABE Vice President, to unpack what the latest data reveal about the U.S. labor market. They look beyond the monthly headlines to examine longer-term employment trends, shifts in labor force participation, and the roles of demographics and immigration in shaping labor supply, while also exploring pressures facing lower-income households, persistent childcare barriers, signs of softer consumer spending, and increasingly widespread inflation. The conversation concludes with what these crosscurrents in employment and inflation could mean for the Federal Reserve and the broader economic outlook.
NABE is the premier professional association for business economists and others who use economics in the workplace. Since 1959, NABE has attracted the most prominent figures in economics, business, and academia to its membership with highly-regarded conferences, educational and career development offerings, industry surveys, and its unrivaled networking opportunities. Past presidents of NABE include former Chairman of the Board of Governors for the Federal Reserve System, Alan Greenspan, several former Federal Reserve Governors, and other senior business leaders.

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