The US is burning through its missile stockpiles in the Iran conflict while the job market turns negative — bad news on both the war and the economy.

• US standoff missiles and air defenses are running low from fighting Iran, so the Pentagon is rushing weapons makers to build more.
• Trump wants a $1.5 trillion military budget and looser rules, opening a flood of contracts that Musk, startups, and Trump family ventures are eager to grab.
• Iran says it will only reopen the Strait of Hormuz if the US pulls back and lifts sanctions, so the conflict is far from over.
• The US lost 23,000 jobs in July when 90,000 were expected, with retail, leisure, and hospitality all shrinking; only data-center construction is growing.
• The falling 4.1% unemployment rate looks good but is misleading — people are giving up and dropping out of the labor force rather than finding work.

Outlook: Expect more war spending and weaker US jobs data, with hiring reports likely revised down and the Hormuz standoff dragging on.