Driving the news: Payroll processor ADP’s monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June’s 4.8 million jobs added.

Why it matters: “We believe the labor market reached an inflection point in July, starting what will likely be a slower phase of recovery,” economists at Nomura wrote in a Wednesday note to clients following the release of the ADP survey.

Where it stands: Additionally, new data shows that workers who lost their jobs and were brought back in May and June are again being laid off or warned they soon could be.

A survey by Cornell University and analytics firm RIWI released Tuesday found 31% of returning workers reported being laid off a second time, and another 26% say their employer warned them they may be laid off again.