US: A troubling jobs report as unemployment rate unexpectedly jumped to 4.3% in Jul

The latest US Employment Situation report by the Bureau of Labor Statistics (BLS) last Fri (2 Aug) possibly marked a turn in the sentiment for the US labor market.

The latest US Employment Situation report by the Bureau of Labor Statistics last Fri possibly marked a turn in the sentiment for the US labor market. It reported a worse than expected Jul job creation while unemployment rate moved surprisingly higher to 4.3% and wage growth cooled more than forecast, UOB Group senior economist Alvin Liew notes.

Wage growth cooled more than forecast to 0.2% m/m, 3.6% y/y in Jul, ebbing inflation worries.” “While job creation in the first 7 months was clearly on a moderating trend , there was also a narrowing base of job creation among the sectors in Jul with more services sectors losing jobs.

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