July Jobs Report Surprise Miss & Data Integrity

July BLS shows -23K payrolls vs consensus ~100K, with downward revisions totaling -103K. Unemployment dips to 4.1% but labor force participation at 5-year low. AI infrastructure construction hiring is a bright spot ($1.6T capex). Rate futures cut September hike chance to 43.9%. Data integrity concerns persist with new BLS commissioner Matsumoto confirmed 51-47 after McEntarfe firing.