JOBS MISS EXPOSES THE REAL MARGIN RISK — NOT A RECESSION SIGNAL [57,000 jobs added](https://www.cnbc.com/2026/07/02/jobs-report-june-2026-.html) vs 115K expected isn't recessionary; it's labor cost inflation in disguise. With unemployment ticking to 4.2%, companies can't cheap-labor their way out anymore—and that wage pressure is already baked into Q2 guidance everyone missed. The data shows $NVDA holding net margin and $MSFT at , but those are annual figures.

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