DOW JONES INDUSTRIAL AVERAGE SEWERED BY BAD NFP PRINT
- Dow Jones plummeted over 900 points top-to-bottom on Friday.
- US NFP jobs data came in well below forecasts, worst initial print since 2019.
- Souring US economic data sends investors piling into rate cut bets.
The Dow Jones Industrial Average (DJIA) plummeted over 900 points peak-to-trough on Friday after the monthly US Nonfarm Payrolls (NFP) printed its lowest initial figure since May of 2019. Steep revisions to previous figures further depressed the market’s outlook on the US employment landscape, and a rising US unemployment rate has sent investors scrambling to bet on an accelerated pace of rate cuts from the Federal Reserve (Fed).
Friday’s US NFP labor data dump showed the US added 114K net new jobs in July, well below the forecast 175K and the previous month’s figure was revised to 179K from the initial print of 206K. The US Unemployment Rate also ticked higher to 4.3%, the highest reading since November of 2021, while the U6 Underemployment Rate rose to 7.8% from 7.4% as employed people struggle to find jobs that provide enough hours.
Average Hourly Earnings growth also eased to 0.2% MoM from the expected hold at 0.3%, with YoY wages growth cooling to 3.6% from the previous 3.8%.
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