CumberlandThe chances of a Federal Reserve rate hike at its next meeting in September have slipped below 50% in the aftermath of the report.
The U.S. lost 23,000 jobs in July, far shy of forecasts for a gain of 80,000
The chances of a Federal Reserve rate hike at its next meeting in September have slipped below 50% in the aftermath of the report.
The U.S. lost 23,000 jobs in July, while June’s originally reported 57,000 job gain was revised down to just 20,000. Forecasts had been for 80,000 jobs to have been added in July. Crypto markets are showing little reaction even as stock and bond markets gain on the news.
The U.S. labor market showed weakness for the second consecutive month in July, possibly giving the Federal Reserve room to hold rates in place despite high inflation.
According to the government’s Nonfarm Payrolls Report released Friday morning, the U.S. lost 23,000 jobs last month. That was far below the consensus expectation of a gain of 80,000 jobs, and down from June’s 20,000 (revised from an originally reported 57,000).
The last negative jobs print was in February, when the U.S. lost 156,000 jobs.
The unemployment rate dipped to 4.1%, compared with the expected 4.2% and June’s 4.2%.
Market reaction is swift, with U.S. stock index futures gaining and interest rates dipping. There’s little action in crypto, with bitcoin remaining modestly higher on the session at $65,000.
Ahead of this morning’s data, markets were split on whether the Fed would hike rates at its next policy meeting in September. According to CME FedWatch, interest rate traders were pricing in a 55% chance the U.S. central bank would tighten next month. In the immediate aftermath of the print, that number has slipped back to 46%.
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Bitcoin hovers below $65,000 as Middle East tensions escalate further
Coldcard fallout shows up onchain as 210,000 bitcoin leaves old wallets
Live updates: Bitcoin holding near $65,000 as U.S. jobs data falls short of forecasts