---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000843491.md"
description: "US July nonfarm payrolls fell by -23K, well below consensus ests of a +80K rise.  June nonfarm payrolls were revised down to +20k from +57k.  July avg hourly earnings +0.1% m/m vs prior +0.3%, with the year-over-year gain +3.2% vs +3.5%est. This will likely increase calls for the Fed to cut rates by year-end, with oil prices likely to fall as the Iran war ends.Equity futures rose after the payrolls print, with S&P 500 +0.5% and NDX futures +1.0%.  10yr treasury yields fell -6.9bp to 4.61%.   Normally a soft labor report and declining 10year treasury yields causes long duration (high P/E) equities to perform best."
datetime: "2026-08-07T12:46:43.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000843491.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000843491.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000843491.md)
author: "[Gary Black Tracker](https://longbridge.com/en/profiles/17077344.md)"
generator: "portal-rs"
---

# US July nonfarm payrolls fell by -23K, well below …


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**