The July jobs report came in weaker than expected, signaling a slowdown in the labor market. This is good news for those wanting the Federal Reserve to lower interest rates, with expectations for a September rate cut jumping in reaction to this morning's data.
According to the Bureau of Labor Statistics, nonfarm payrolls rose by 73,000 in July, missing economists' estimate for 100,000 new jobs. Figures for June were lowered by 133,000 to 14,000, while May's jobs growth was also downwardly revised (by 125,000 to 19,000).
