by Joe Weisenthal at Threadreader
BIG MISS ON UNEMPLOYMENT. UNEMPLOYMENT RISES TO 4.3%
JUST 114K NEW JOBS
Economists had expected 175K jobs and an unemployment rate of 4.1%.
S&P 500 futures now down 1.6%
Last two months revised downward by 29K
Average hourly earnings grow just 0.2%
U6 Underemployment rises to 7.8% from 7.4%
Average Weekly Hours falls to 34.2
2-year yields continuing to plunge
NASDAQ-100 futures down 2.5%
Today’s episode looking very timely!
DID THE FED JUST MAKE A POLICY ERROR?@tracyalloway and I talked to the great Macquarie Strategist Viktor Shvets about the decision, and why he believes that Powell & Co have now lost all confidence in their own economic models. https://t.co/VMMET61ip7
— Joe Weisenthal (@TheStalwart) August 2, 2024
Also credit to Neil Dutta of @RenMacLLC who was warning about this risk a month and a half ago
“The number of unemployed people increased by 352,000 to 7.2 million”
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