The June jobs report changes the labor-market story, says Sung Won Sohn, Chief Economist at SS Economics. "The economy is not shedding jobs in a recessionary way, but the hiring engine is sputtering. Payroll growth is slower, revisions are negative, labor-force participation has fallen, leisure and hospitality is weakening, and job gains remain heavily dependent on health care and social assistance," he says. The June numbers show that this is no longer a booming labor market, Sohn say. "It is a 'low-hire, low-fire' economy with less margin for error. The Fed is now less likely to hike soon, the dollar has weakened on that expectation, and investors will increasingly ask if the cooling trend will continue." (patrick.sheridan@wsj.com)