Auto Generate Post Title from 2 Custom Fields

You can use the wordpress save_post action to update the title using the custom fields as you like. Here is the simple example I have used myself –

add_action( 'save_post', 'custom_post_type_title' );
function custom_post_type_title ( $post_id ) {
  global $wpdb;
  if ( get_post_type( $post_id ) == 'job-updates') {
    $terms = get_field('job', $post_id);
    // taxonomy fields return an array, use the first term
    $term = $terms[0];
    // get date field
    $date = get_field('date', $post_id);
    // set post title/slug
    $title = $term->name.' '.$date;
    $where = array( 'ID' => $post_id );
    $wpdb->update( $wpdb->posts, array( 'post_title' => $title ), $where );
  }
}