That lack of breadth was wildly apparent in July: Health care and social assistance, which added 73,300 jobs, accounted for the entirety of the month’s overall gains.

“There was a three-legged stool holding up the labor market; we had state and local, leisure and hospitality, and health care and social assistance,” Swonk said. “And now we’re down to one.”

“A one-legged stool is dangerous,” she added