Wells Fargo: U.S. labor demand remains largely stable with no clear signs of renewed acceleration

Glonghui, July 1 – According to a team of economists at Wells Fargo, the US labor market continues to gradually stabilize after hitting a low point in 2025. Initial jobless claims remain at low levels, and employment PMI data from various Federal Reserve districts also showed a slight rebound in hiring activity in June. However, other recent indicators have softened. Since the spring, the number of job postings and ADP’s weekly hiring indicators have both declined, while small business hiring plans dropped to a new low for this cycle in May. Overall, the data suggests that labor demand remains generally stable, with no clear signs of renewed acceleration.