The number just landed, and it flipped the script completely. \ud83d\ude2e<\/p>\n
Heading into today, the setup was hawkish: the Fed had just held rates with three policymakers pushing for a hike, and markets were leaning toward a September increase. Then the data\u00a0hit.<\/p>\n
The U.S. economy lost 23,000 jobs in July, a sharp miss against forecasts of roughly 80,000 gains. To make it worse, June\u2019s already soft +57,000 was revised all the way down to just +20,000.\u00a0\ud83d\udcc9<\/p>\n
Here\u2019s the breakdown:<\/p>\n
\ud83d\udd3b Payrolls: -23,000 (vs +80,000 expected)
\ud83d\udd3b June revised: +57,000 \u2192 +20,000
\ud83d\udcca Unemployment rate: 4.1% (down from 4.2%)
\ud83d\udcca Labour force participation: 61.4%, the lowest in over five years
\ud83c\udfdb\ufe0f Losses concentrated in local government education (-50,000) and retail trade (-19,000)<\/p>\n
This is exactly the \u201cbeyond the headline\u201d story we flagged earlier this week. The lower unemployment rate looks reassuring on the surface, but it\u2019s being driven by people leaving the workforce, not by stronger hiring. Combined with another steep downward revision, the internals paint a weaker picture than the surface number suggests. \ud83e\udde9<\/p>\n
Market reaction has been swift\u00a0\u26a1<\/p>\n
\ud83d\udcb5 Odds of a September Fed rate hike dropped to under 44%, down from 57% just before the release, reversing weeks of hawkish positioning
\ud83e\udd47 Gold jumped, trading above $4,400 an ounce
\ud83d\udcb2 The dollar came under fresh\u00a0pressure<\/p>\n
With the Fed\u2019s September decision now genuinely in play and political and geopolitical noise still swirling, expect volatility to stay elevated across USD pairs, gold and equities in the sessions ahead.\u00a0\ud83d\udd25<\/p>\n
Stay ahead of the next move \ud83d\udc49 https:\/\/my.nordfx.com\/en\/registration?utm_source=social&utm_medium=post&utm_campaign=nordfx<\/a><\/p>\n \ud835\udde1\ud835\uddd9\ud835\udde3 \ud835\udde5\ud835\uddf2\ud835\ude00\ud835\ude02\ud835\uddf9\ud835\ude01\ud835\ude00 \ud835\uddd4\ud835\uddff\ud835\uddf2 \ud835\udddc\ud835\uddfb: \ud835\udddd\ud835\ude02\ud835\uddf9\ud835\ude06 \ud835\udde3\ud835\uddee\ud835\ude06\ud835\uddff\ud835\uddfc\ud835\uddf9\ud835\uddf9\ud835\ude00 \ud835\udde6\ud835\uddf5\ud835\uddfc\ud835\uddf0\ud835\uddf8 \ud835\ude01\ud835\uddf5\ud835\uddf2 \ud835\udde0\ud835\uddee\ud835\uddff\ud835\uddf8\ud835\uddf2\ud835\ude01 |\u2026<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" \ud835\udde1\ud835\uddd9\ud835\udde3 \ud835\udde5\ud835\uddf2\ud835\ude00\ud835\ude02\ud835\uddf9\ud835\ude01\ud835\ude00 \ud835\uddd4\ud835\uddff\ud835\uddf2 \ud835\udddc\ud835\uddfb: \ud835\udddd\ud835\ude02\ud835\uddf9\ud835\ude06 \ud835\udde3\ud835\uddee\ud835\ude06\ud835\uddff\ud835\uddfc\ud835\uddf9\ud835\uddf9\ud835\ude00 \ud835\udde6\ud835\uddf5\ud835\uddfc\ud835\uddf0\ud835\uddf8 \ud835\ude01\ud835\uddf5\ud835\uddf2 \ud835\udde0\ud835\uddee\ud835\uddff\ud835\uddf8\ud835\uddf2\ud835\ude01 | \ud835\udde1\ud835\uddfc\ud835\uddff\ud835\uddf1\ud835\uddd9\ud835\uddeb \ud835\udddc\ud835\uddfb\ud835\ude00\ud835\uddf6\ud835\uddf4\ud835\uddf5\ud835\ude01 \ud83d\udcca The number just landed, and it flipped the script completely. \ud83d\ude2e Heading into today, the setup was hawkish: the Fed had just held rates with three policymakers pushing for a hike, and markets were leaning toward a September increase. Then the data\u00a0hit. […]<\/p>\n","protected":false},"author":0,"featured_media":211426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-211425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/211425"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=211425"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/211425\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/211426"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=211425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=211425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=211425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}