July’s employment report appears to cement a September rate cut from the Fed, only two days after Federal Reserve’s Open Market Committee (FOMC) Chairman Jerome Powell officially put the prospective cut “on the table.” The nonfarm payrolls data missed expectations by 90,000 jobs (including two-month net revisions), but the biggest surprise was a 0.2% jump in the unemployment rate, bringing it up to 4.3%. While a sub-4% unemployment rate has been somewhat normalized during the past six years, it’s important to note that it is historically low.
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