U.S. Jobs Growth Slows Sharply as July Payrolls Miss Expectations
U.S. employment growth weakened sharply in July, missing expectations and fueling bets on Federal Reserve rate cuts. The unemployment rate edged down to 4.1% while wage growth cooled.
U.S. nonfarm payrolls declined by 23,000 in July, contrasting with forecasts of an 80,000 gain. The unexpected drop points to a softening labor market.
The unemployment rate eased to 4.1%, and wage growth cooled further. These signals add to evidence that the economy is slowing.
The weak report raises the likelihood that the Federal Reserve will shift toward policy easing. Market expectations for rate cuts have firmed up, as investors reassess interest rate trajectories.
Source: First Squawk