US Jobs Data Comes in Under Forecast | Bloomberg Businessweek Daily 7/2/2026

Summary

June jobs report missed expectations, signaling a stable but not accelerating labor market that keeps the Fed on hold. Blackstone's abandoned data center project is seen as positive capital recycling, boosting its stock. Beef prices are expected to stay elevated for years due to a historically small cattle herd, while global supply shocks and Middle East tensions add to inflation uncertainty.

• June payrolls rose only 57k with downward revisions, suggesting job market is stabilizing rather than accelerating.
• Supply shocks in energy, food and semiconductors are keeping inflation sticky, but the Fed is unlikely to hike.
• Strait of Hormuz tolling could add ~$1/barrel to oil; export volumes have dropped, but clarity on security matters more.
• Blackstone walking away from a Virginia data center is viewed by Wall Street as recycling capital into higher-return projects.
• US ground beef prices hit all-time highs as cattle herd shrinks to a 75-year low; relief not expected until 2027.
• 4th of July BBQ costs rise 2.4% y/y, with beef up 14%, while pork and chicken offer relative value.
• GLP-1 drugs are shifting grocery demand toward lean proteins, fiber, and fresh produce, away from processed foods.
• Tech stocks sell off sharply, Dow hits a record, defensiives like healthcare and staples hold up.