Non-Farm Payroll Data Validates Powell and Bowman's Justification for Rate Cut: Labor Market Shows Signs of Weakness

BlockBeats News, August 1st: On August 1st, the U.S. labor data supported calls for monetary easing, causing a decline in U.S. Treasury yields and the U.S. dollar. Meanwhile, previous data was significantly revised down: the May nonfarm payroll number was revised down from 144,000 to 19,000, and the June nonfarm payroll number was revised down from 147,000 to 14,000.

Before the employment report was released, Federal Reserve Board members Waller and Bowman, who held differing views, indicated signs of weakness in the labor market. The market experienced a sharp decline following the employment data release. (FXStreet)