Non-farm payroll data confirms Waller and Bowman's case for rate cuts: labor market shows signs of weakness
US labor data supports calls for monetary easing, with US bond yields and the US dollar falling together. The 10-year bond yield is 4.295%, and the 2-year bond yield is 3.801%. In July, the US added only 73,000 jobs. The unemployment rate rose slightly from 4.1% to 4.2%. At the same time, previous data was significantly revised: job additions in May were revised from 144,000 to 19,000, and job additions in June were revised from 147,000 to 14,000. Prior to the release of the employment report, Fed governors Waller and Bowman, who held different opinions, indicated signs of weakness in the labor market.
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