The jobs number number is out and it is weak.
There were just 169K new jobs created in August.
Private payrolls came in at 152,000 new job, vs. expectations of 180,000.
What’s worse. Last month was revised SHARPLY down from 162 to 104K. That is quite ominous.
June was also revised down, from 172K to 188.
The unemployment rate did, however, drop to 7.3%, but that’s basically just due to continued exodus from the workforce.
The participation rate fell from 63.2% from 63.4%.
Snap reaction: this could delay the Fed’s drive to reduce the pace of bond buying. The consensus had been that starting in September, the Fed would begin the so-called “taper” but right now the market is calling that bluff. Gold is surging, the dollar is tumbling, the US 10-year is seeing yields go down. And stocks are actually rising.
You can read the full report from the BLS here.
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