ADP report reveals unexpected job losses, intensified by the ongoing government shutdown and delayed BLS data.
The July Core PCE Price Index rose to 2.9% annually, matching consensus forecasts but doing little to move the needle on a September rate cut.
Upward revision from the Bureau of Economic Analysis was driven by stronger business investment and consumer spending.
Fed Chair Powell warns of 'rising downside risks to employment' as data points to a weakening labor market.