The combination of the sharp selloff in global equities on Monday and the disappointing jobs numbers on Friday has cemented the view that theby calling on the Fed to make an emergency 75 basis point cut in the federal funds rate—followed by another 75 basis point cut at the September meeting. “And that’s the minimum,” Siegel told CNBC’s Joe Kernan.
. The economy added 114,000 jobs in July, which was just 66,000 short of what was expected. While that is on the low side of job growth outside of a recession, it is not extraordinarily low. We added 108,000 in April—and then immediately bounced back to twice that many in the following month. By most estimates, the economy only needs to add around 100,000 jobs to keep up with population growth. The three-month average of job growth is now 170,000, which is above historical averages.
. In any case, the market typically has at least one 10 percent correction every year and three five percent downturns, according to Bank of America research. Larger 15 percent plunges happen around every two years on average. Since the last correction happened back in October of 2023, we were due for one. Far from an indication of an emergency, the sell-off was an indication that markets are behaving normally.. Riskier stocks sold off more than safer stocks.
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