[ad_1]
The employment report shows that the US added 130,000 jobs last month, exceeding expectations and providing further evidence of slowing hiring. Private employment has grown at the slowest pace since May.
However, wage growth increased 3.2% over the previous year. And the unemployment rate remained stable at 3.7%, close to the lowest level of the last 50 years.
Investors have proposed safe haven bonds up after the report. The 10-year Treasury yield dropped to 1.56% from 1.6% before the jobs report.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, called the job report "sinister" and weaker than the title suggests.
"The trend is moderating, as companies reduce their hiring plans along with their capital expenditures, facing prolonged and deep uncertainty," wrote Shepherdson in a note to her clients.
Shares closed higher in the last two sessions, posting their best day in three weeks on Thursday amid optimism over US-China trade relations. Washington and Beijing must return to the negotiating table in October.
The employment report will probably not disappoint the expectations of further interest rate cuts.
The Federal Reserve first cut rates in July to boost the economy. Expectations for a quarter percent reduction at the September 18 meeting are at 91%, according to the WEC's FedWatch tool.
A speech by Fed Chairman Jerome Powell at 12:30. HE is also on the schedule Friday.
"It will probably highlight the growing trade policy risks for the outlook, while inflation is already far from the goal, as the global and domestic economies slow down and the US manufacturing sector contracts," he said. Priscilla Thiagamoorthy, BMO Economic Analyst, in a note.
[ad_2]
Source link