Market analysis: employment data revised down to support the Federal Reserve to cut interest rates by 25 basis points, but the data does not reflect the whole picture of the economy

Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest in Chicago, said there was no doubt that the Fed was ready to cut rates based on the weak jobs data - and the overall employment picture. That won't stop the Fed from cutting by 25 basis points. The benchmark for non-farm payrolls was revised down slightly more than expected. We can't yet tell the specifics on a monthly basis, and we can't be completely sure in the coming months, but it shows that the labor market is indeed weak. However, this contrasts with the weekly jobless claims data, which are generally in line with the level of the economy during a period of moderate growth. And our consumer spending is still pretty good. So I think this is just one piece of the economic puzzle, and it doesn't fully reflect the whole picture of how the economy is working.