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2025-08-01 20:53:35
[Analysts Comment on July Non-Farm Payrolls: US Job Growth "Stalled," Has the Fed Reopened the Door to Rate Cuts?] ⑴ US job growth slowed sharply in July, with non-farm payrolls adding only 73,000 jobs. ⑵ This figure fell far short of market expectations of 110,000, and June's data was significantly revised downward to just 14,000. ⑶ Official data showed the unemployment rate rose slightly to 4.2% from 4.1% in June. ⑷ The market reacted sharply after the release of the jobs report, with S&P 500 futures narrowing their losses. ⑸ US Treasury yields fell sharply, with the benchmark 10-year Treasury yield falling 5.9 basis points to 4.301% and the 2-year Treasury yield falling 13.2 basis points to 3.891%. ⑹ The US dollar index also weakened significantly, falling 0.72% to 99.31. ⑺ Brian Jacobsen, chief economist at Annex Wealth Management, noted that this report cannot be sugarcoated, and the labor market is already in a state of "stalling." ⑻ He believes the Fed may repeat last year's mistake and be forced to make up for its "wait-and-see" decision by cutting interest rates at its next meeting. ⑼ He said that if Fed Chairman Powell had known this data in advance, he might also have opposed the decision to continue pausing interest rate cuts.
