Encountering a chilling job market in the sweltering summer heat? The U.S. July non-farm payrolls are expected to remain weak, and the pattern of low hiring and low layoffs may conceal hidden worries.

The Zhitalong Finance APP has learned that as the U.S. Department of Labor is set to release the July non-farm payroll report this Friday, market attention is once again focused on the labor market, which has shown remarkable resilience amid tightening policies and geopolitical turmoil. Economists generally expect that July's employment growth will likely continue the weak pace seen in recent months. Beneath the seemingly stable unemployment rate lies a significant contraction in the labor force participation rate and uneven conditions across industries, painting a complex picture of low hiring, low layoffs. Meanwhile, the accelerated increase in labor productivity and the emergence of structural wage disparities in the second quarter add new variables to the Federal Reserve's dual mission of balancing inflation and employment.