US Nonfarm Payrolls Unexpectedly Drop by 23K in July
The US economy shed 23,000 jobs in July, sharply missing forecasts for a gain of 80,000. The prior month’s figure was also revised lower.
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The Bureau of Labor Statistics reported on Friday that nonfarm payrolls declined by 23,000 in July, a stark contrast to the 80,000 increase economists had expected. The June reading was revised down to a gain of just 20,000 from the previously reported 57,000.
The sizable miss on the headline jobs figure points to a meaningful slowdown in the US labor market, fueling expectations that the Federal Reserve may need to maintain or even accelerate accommodative monetary policy. The data triggered immediate reactions across interest rate futures and the US dollar.
Source: FXStreet Forex News