July jobs slide
Reuters reported that the participation rate fell to a near 5-1/2-year low of 61.4% as another 264,000 people left the labor force, even as nonfarm payrolls decreased by 23,000 jobs.
ABC News
NBC News said wage growth was 0.1% from June and 3.2% from one year ago, while inflation was 3.5% in its most recent reading.
NBC News also cited Heather Long, chief economist at Navy Federal Credit Union, saying, “That’s the number that many Americans are focused on right now,” and said she called the report “bleak.”
Markets recalibrate
Even with the July payroll miss, stocks rose after the report, with NBC News saying the S&P 500 jumped 0.5% and the Nasdaq Composite index increased 1%.
Reuters said financial markets priced in a 43.9% chance of the U.S. central bank hiking rates in September, compared with 57% before the jobs report, citing LSEG data.
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