US Job Market Stalled in July as Employers Cut 23,000 Jobs, Delivering Political Blow to Trump
A weaker-than-expected July jobs report and 103,000 in downward revisions lifted bets that the Federal Reserve will keep rates unchanged.
- On Friday, the Labor Department reported the U.S. economy unexpectedly shed 23,000 nonfarm payrolls in July, far below the 83,000 gain economists had forecast, delivering a political blow to President Donald Trump three months before midterm elections.
- Revisions slashed 103,000 jobs from May and June payrolls, compounding the weakness, while the unemployment rate ticked down to 4.1% because labor force participation slid to 61.4%, the lowest in over five years.
- Stocks climbed more than 3.5% during the week while Gold surged more than 7%, as Daniel Zhao, chief economist at Glassdoor, noted "there are just fewer people available to hire."
- Expectations for a Federal Reserve rate hold in September increased following the report, though three officials dissented at last week's meeting in favor of a hike, reflecting ongoing policy divisions.
- Palantir Technologies Inc. delivered what CEO Alex Karp called an "otherworldly" quarter Monday, with revenue jumping 93% year-over-year to $1.94 billion and full-year guidance raised to $8.15 billion.
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US job market stalled in July as employers cut 23,000 jobs, delivering political blow to Trump
The US job market stalled unexpectedly last month, delivering a political blow to President Donald Trump three months ahead of midterm elections and complicating decision-making for the inflation fighters at the Federal Reserve. Employers cut 23,000 jobs in July. And Labor Department revisions slashed 103,000 jobs from May and June payrolls. The unemployment rate fell but for the wrong reason: Thousands of people dropped out of the labour market…
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