Thomas Barwick
Everything is weak
The July US jobs report really makes the case for Federal Reserve interest rate cuts. Everything is weak. Non-farm payrolls growth of just 114k, with 29k of downward revisions to the past two months (consensus was
Mounting U.S. Job Fears To Push The Fed Into Action
Summary
- Everything was weak in the July jobs report.
- The one crumb of comfort is that the jump in the unemployment rate is being caused by surging labour supply rather than workers being fired, but with demand indicators looking soft and jobless claims on the rise, the risks are skewed towards unemployment increasing more rapidly.
- Rate cuts are on their way.
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