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Editor’s note: This story has been updated to correct a sentence to reflect that nonfarm payrolls totaled 114,000 in July, a slowdown of 65,000 from the previous month.
The pace of job creation slowed in July, signaling cooling labor market conditions and strengthening the case for imminent interest rate cuts as early as next month.
The U.S. economy added 114,000 jobs last month, down from the revised figure of 179,000 jobs in June, according to official data released Friday.
July 2024 | Consensus | June 2024 | |
---|---|---|---|
Nonfarm payrolls | 114,000 | 175,000 | 179,000 (downwardly revised from 206,000) |
Unemployment rate | 4.3% | 4.1% | 4% |
Average hourly earnings (m/m) | 0.2% | 0.3% | 0.3% |
Average hourly earnings (y/y) | 3.6% | 3.7% | 3.9% |
Treasury yields dropped sharply on Friday as investors turned to safe-haven assets in response to escalating economic and geopolitical risks.
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), tumbled 0.7%.
Futures on U.S. indices traded sharply in the red, reflecting rising risk aversion in equity markets. Contracts on the S&P 500 Index were 1.6% lower at 8:35 a.m. in New York, while those on the Nasdaq 100 were 2.3% lower.
On Thursday, tech stocks, as monitored through the Invesco QQQ Trust (NASDAQ:QQQ) tumbled 2.6%. The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 1.4%.
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