The labor market just hit a wall. Here's what experts say it means for the economy and your job.

Friday's disappointing July employment report delivered a reality check on the U.S. economy, with the data suggesting the job market is wobbling from the uncertainty of on-again, off-again tariffs.

What was surprising about the Friday report was that employers not only hired fewer people than expected last month, but the government revised its jobs data sharply downward for the prior two months. With the revisions, the U.S. added 19,000 jobs in May and 14,000 in June, reflecting "paltry" employment growth during those months, according to a research note from EY-Parthenon Chief Economist Gregory Daco.

The latest jobs data is shedding new light on the U.S. economy as businesses absorb a multitude of changes — from President Trump's trade deals and fresh tariffs to the new GOP tax