The setup for the July jobs report: Here's what you need to know

Summary

Evan Sohn from Revelio Labs presents labor market data showing job postings now outnumber hires 5-to-1, up from 2-to-1 before ChatGPT, as AI tools distort the hiring process. Health care is hiring more despite fewer postings. AI-exposed jobs are down 43%, with junior roles hit hardest. Steve Liesman questions whether the data signals labor market tightness or looseness. The segment briefly discusses alternative data's rising prominence in economic analysis.

• ADP report shows a soft gain of just 44,000 jobs last month.
• Revelio Labs data indicates it now takes five job postings to produce one hire, up from two before ChatGPT.
• AI-powered application tools are inflating the posting-to-hire ratio, creating a hiring mismatch.
• Health care sector is adding jobs and hiring more efficiently despite a 13% drop in job listings.
• AI-exposed jobs have declined about 43%, with junior roles down more than senior roles as companies embrace AI.
• Labor market remains tight but the unique impact of AI blurs traditional supply/demand signals.
• The discussion highlights growing interest in alternative data for economic and policy insights.