Non-farm payroll data validates Waller and Bowman's reasons for interest rate cuts: signs of weakness in the labor market
2025-08-01 15:10:51
US labour data supported calls for monetary easing, with US Treasury yields falling alongside the dollar. The yield on the 10-year note was 4.295 per cent and the yield on the two-year note was 3.801 per cent. The US added just 73,000 jobs in July. The unemployment rate edged up to 4.2 per cent from 4.1 per cent. At the same time, previous data were sharply downgraded: the number of new jobs added in May was cut from 144,000 to 19,000, and the number of new jobs added in June was cut from 147,000 to 14,000. Ahead of the jobs report, dissenting Federal Reserve governors Waller and Bowman said there were signs of weakness in the labour market.
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