TD Securities Flags Weak U.S. July Payrolls and Softer Retail Sales

TD Securities highlighted a disappointing U.S. July jobs report, where headline payrolls surprised significantly to the downside. The weakness was partly attributed to government hiring, while private-sector employment held near previous levels.

The bank also pointed to softer retail sales data, indicating a broader cooling in consumer activity. The combination of labour market softness and subdued spending may reinforce expectations of a more measured policy path from the Federal Reserve.