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Aug 7 at 07:46 AM
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.The copyright of this article belongs to the original author/organization.
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