Today's jobs numbers confirm that something is going wrong in the American economy — and may suggest that a recession is imminent.

• The new data is a sign that the Fed should have started cutting interest rates months ago, Axios Macro co-author Neil Irwin writes.
• "Yellow flags had started to pop up in the labor market data over the past few months, but now the flags are turning red," Nick Bunker, of Indeed Hiring Lab, wrote in a note.

📉 The big picture: The July employment numbers showed weak job creation and the highest unemployment rate since October 2021. The jobless rate is still low, but in a healthy economy, the kind of increase we've seen this year — a gain of 0.6 percentage points since January — simply doesn't happen.

• When it does, it's usually a warning sign that a recession is imminent.

🔮 What we're watching: Ten-year U.S. Treasury yields have plunged to 3.82% — down from 4.5% a month ago — because markets now anticipate significant rate cuts to combat incipient economic weakness.

• The big question now is how aggressively the Fed will react.

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A majority of Republicans, Democrats and independents all agree that political polarization played at least a moderate role in the assassination attempt against former President Trump, according to a new AP/NORC poll.

• Most Democrats said some blame for the shooting lies with the way Republicans talk about politics, while most Republicans said some blame lies with the way Democrats talk about politics.

👎 Americans also held the Secret Service responsible, and just 31% now say they're extremely confident the Secret Service can protect candidates from violence before the election.

1. 📱 The Justice Department sued TikTok, claiming it has illegally collected children's data for years. Go deeper ... Read the complaint
2. 🗳️ Vice President Harris officially has enough delegates to be the Democratic nominee. Go deeper.
3. 📞 President Biden told Israeli Prime Minister Benjamin Netanyahu to stop escalating tensions in the region and focus instead on a ceasefire deal. Go deeper.

Looking for a last-minute summer vacation, maybe in Europe? Somewhere that won't be too crowded, or too expensive? Consider ... Paris.

• Yes, really.

🍽️ Despite the Olympics, the city's streets and cafes are unusually empty, the BBC reports. Hotels and restaurants are lowering their prices to try to coax in more customers, and airfare is significantly cheaper than usual.

• One restauranteur said July was his worst month in 25 years.

🥐 What's happening: Paris always empties out a bit in August, when many locals take their vacations, and even more people seem to have gotten out of town for the Olympics, per the BBC.

• Tight security and pre-Olympics price hikes may have deterred a lot of tourists.