Summary:
US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.
Aug NFP
6/9/2024 (Fri)
Previous (Jul):114k Forecast: 165k
Job growth in the US slowed much more than expected during July, fuelling fears of a broader economic slowdown. That sent risky assets tumbling in the last month.
Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised 179,000 in June. The unemployment rate edged higher to 4.3%, its highest since October 2021.
The rise in the unemployment rate brings into play the so-called Sahm Rule, which states that the economy is in recession when the three-month average of the jobless level is 0.5% higher than the 12-month low.
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