U.S. Jobs Report Falls Short of Expectations
The August 1st U.S. jobs report showed non-farm payrolls rising by just 73,000, well below the expected 110,000. Revisions to prior months further reduced job growth, prompting market reactions including a decline in equity prices and bond yields.
Futures markets are now pricing in a high probability of a Fed rate cut in September. Additionally, the dismissal of the Commissioner of the Bureau of Labor Statistics has raised questions about the independence of economic data reporting. Read the full Market Comment here.
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