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2025-08-01 21:10:41
Institutional Commentary on the July Non-Farm Payroll: Art Hogan, Chief Strategist at B. Riley Wealth, noted that today's non-farm payroll report was "as soft as it could be," providing vivid evidence that trade tariffs are dragging down the economy. Both the current month's data and the significant negative revisions suggest that policies are grinding growth to a halt. Based on the growth rate of the US labor force, a net increase of 100,000 to 150,000 jobs per month is needed to maintain the unemployment rate (lower than last year's range of 150,000 to 200,000 due to reduced immigration). The previous three-month average was 150,000, and today's figures bring the new three-month average down to 80,000—confirming the bad news.
