The June jobs report landed this morning and it missed expectations by nearly half. The economy added just 57,000 jobs, well below the 115,000 economists predicted.

Hotels and restaurants actually shed 61,000 workers, even with the FIFA World Cup filling stadiums across the country. And revisions to April and May wiped out 74,000 jobs we thought existed.

Today I'll break down what's actually happening in the labor market, where the jobs still are, and what it means for anyone making a move right now.

Let's get into it.

Together AI just raised $800 million. The open-source AI infrastructure company closed a Series C at an $8.3 billion valuation, with Aramco Ventures leading and Nvidia, Salesforce Ventures, and General Catalyst participating. Together AI lets enterprises train and run models on open-source infrastructure, and this round makes it one of the best-funded AI infrastructure plays outside of OpenAI and Anthropic.

Layoffs cooled to the lowest level since December. U.S. employers announced 45,849 job cuts in June, down 53% from May and 4% lower than the same month last year, according to Challenger, Gray & Christmas. AI remained the number one cited reason for cuts at 31% of all announced layoffs. Through the first half of 2026, total announced cuts are running 40% below the same period in 2025.

Shield AI raised $1.5 billion for defense autonomy. The defense AI company secured a Series G as part of a broader $2.25 billion capital package, pushing its valuation to $12.7 billion. Shield AI builds autonomous systems for military aircraft and has been expanding rapidly as the Department of Defense shifts spending toward AI-driven platforms.

Target named a new CEO. Michael Fiddelke, Target's current CFO, will succeed Brian Cornell as chief executive. Cornell led Target through its pandemic-era transformation and the subsequent pullback in consumer spending. The transition comes as Target navigates a retail environment where AI is reshaping inventory management and store operations.

OpenAI may push its IPO to 2027. Rumors are circulating that the ChatGPT maker is leaning toward delaying its public offering from late 2026 to 2027. Meanwhile, Anthropic filed its own S-1 in June and SpaceX filed in May, setting up what could be the busiest IPO season in years if the window holds.

Over the past 19 months, MavSource's founder was early to the AI winners. Sandisk +196%. Micron +150%. Western Digital +129%. Nvidia +69%. Lam Research +63%. Okta +33%. Average across eight positions: +85%. 

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The Bureau of Labor Statistics released its Employment Situation report this morning, and the headline number is hard to spin. Nonfarm payrolls grew by just 57,000 in June, roughly half of the 115,000 economists projected. Unemployment edged down to 4.2% from 4.3%, but that ticked lower because fewer people were looking, not because more people found work.

The sector breakdown is where it gets interesting. Professional and business services added 36,000 positions, and healthcare continued its steady climb with 22,000 new roles. But leisure and hospitality, the sector you'd expect to surge during peak summer travel, actually lost 61,000 workers. Restaurants, bars, and hotels shed staff even with the FIFA World Cup filling stadiums and hotel rooms across the country.

Then there are the revisions. April's job gains were revised down by 31,000 (from 179,000 to 148,000), and May dropped by 43,000 (from 172,000 to 129,000). Combined, that's 74,000 fewer jobs than we thought existed. The labor market this spring was meaningfully weaker than the data suggested at the time.

Average hourly earnings rose 0.3% in June to $37.64, keeping the year-over-year rate at 3.5%. That's enough to keep pace with inflation but not enough to rebuild purchasing power for anyone who fell behind during the 2022-2024 price surges.

Why it matters: The contradiction is the story. JOLTS data from last week showed 7.6 million job openings, a two-year high. Companies are posting roles but not filling them, which usually means they're being pickier about who they hire, or they're posting speculatively without urgency to close. If you're in the market, this isn't a "no jobs" problem. It's a matching problem. The roles exist, concentrated in professional services, healthcare, and AI-adjacent tech. For anyone targeting PM, strategy, or ops, the openings are there. But the bar is higher and the process is slower than the headline number suggests.

Karen S. Carter became CEO of Dow on July 1, making history as the first Black woman to lead a major U.S. chemical company and only the third Black woman currently running a Fortune 500 business.

Carter is a 30-year Dow veteran. She joined the company straight out of Howard University and worked her way through operations, segment leadership, and eventually the COO role, where she oversaw the company's entire business and operational performance. Before that, she ran Packaging & Specialty Plastics, Dow's largest operating segment, credited with driving growth through capacity expansion and circular economy innovation.

Her predecessor Jim Fitterling is transitioning to Executive Chair. The succession was planned well in advance and approved unanimously by the board.

Why it matters: Carter's path is a case study in what strategic internal mobility looks like. She didn't hop between companies chasing titles. She built depth in one organization across three decades, moved laterally into larger segments, earned the COO title, and positioned herself as the obvious successor. For anyone thinking about their next move, her trajectory is a reminder that the biggest role in the building sometimes goes to the person who stayed and built.

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The June jobs report just showed exactly which sectors are adding and which are contracting. Here's a 10-minute exercise to check if your target industry is hiring:

This data updates on the first Friday of every month. Bookmark it and check before you adjust your job search strategy.

Director of Product Management, Google (L7)

$550,000 to $800,000+ total compensation

That range comes from Levels.fyi aggregated data. Base salary sits around $250K to $300K, with the bulk coming from RSU grants and annual bonuses. Outside of FAANG, the same title averages closer to $221,000 total comp, meaning a Google Director PM earns roughly 2.5 to 3.5x the market average. The gap narrows at Series C+ startups offering aggressive equity, but cash-heavy packages at this level remain a Big Tech advantage.