Despite a lackluster jobs report, Jordan Shapiro sees reasons to be optimistic about the U.S. labor market. He attributes job losses in manufacturing, government, and other sectors to cyclical factors rather than sector-specific challenges. Shapiro also notes that the long-term unemployed number is a concern, but sees it as a sign of a shifting labor market rather than a crack in the economy. He expects the Federal Reserve to make a 25-basis-point rate cut in September, and possibly another one later this year, which could help stimulate hiring and economic growth.