diverted market focus from the Fed's rate cut Wednesday and Fed Chairman Jerome Powell's seemingly hawkish comment. The market is ignoring Powell's lack of commitment to further hikes, and is now expecting a rate cut in September, to defend the economy from the impact of tariffs.
The jobs report was viewed as mostly positive, with a pickup in labor participation to 63%, its highest since March, and the total labor force rising to 163.4 million, setting a record high. Manufacturing jobs grew at a better than expected pace of 16,000 in a sector that has been feeling the impact of trade conflicts. Hours worked in the sector however, fell by three-tenths to 40.4, the lowest since July, 2011.
Because CNBC would never report this
Wrong CNBC. The jobs report shows strength in services and govt with minor support from auto. Yet, retail mining, and information took big hits. The economy is segmented with pockets of weakness as well as strength. Don't be overly optimistic.
MAGA