Nonfarm Payrolls Significantly Below Expectations! Are Global Stocks Starting "Recession Trade"?
In July, the US labor market experienced a growth of just 114K jobs, significantly below the revised figure of 179K in June and missing the mark against the anticipated 175K. This figure represents the lowest job growth since Feb. 2021.
The health care sector saw a continued increase in employment with 55K jobs added, followed by 25K in construction, and 14K in transportation and warehousing. Government employment, with an addition of 17K jobs, has seen a deceleration in recent months.
Conversely, the information sector experienced the most substantial employment drop, losing 20K jobs. Additionally, the financial services sector shed 4K jobs, and mining saw a decrease of 1K jobs.
The data sparked recession fears in Friday's market. Stock market tumbled after the release.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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