US lost 23,000 jobs last month, but Wall Street sees weak report as positive

Macro

โดย TheStreet·

Summary · why it matters

The US economy lost 23,000 jobs last month, but Wall Street views the weaker-than-expected report as a positive because it likely removes the chance of a September interest rate hike. Most of the job cuts came from local government and education, which shed about 50,000 positions, while manufacturing added jobs and the unemployment rate held at 4.1%. Financial journalist Jane King noted that the concentration of losses in the public sector lessens the impact compared to private-sector cuts, and the data eases pressure on the Federal Reserve to raise rates.

Effective Federal Funds Rate ▼United States Government Bond 10Y ▼