At a time of political theatrics and economic brinkmanship, the American labour market continues to deliver an understated message: resilience. The June job numbers are a case in point. With 147,000 new jobs added ~ well above the expected 110,000 ~ and a dip in the unemployment rate to 4.1 per cent, the US economy is showing it can withstand pressure, at least on the employment front. But beneath this encouraging surface, there are deeper currents worth examining.

The sectors driving this growth ~ healthcare, social assistance, and state and local government education ~ are not just essential services; they are also among the most immune to geopolitical turbulence. They reflect real domestic demand, especially in a postpandemic society where demographic pressures and social needs are mounting. However, the softness in private sector hiring tells a more complicated story, one that hints at........

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