Macro Briefing: 5 August 2024
But some analysts say the soft labor market last month may be due to a one weather-related factor, including Yardeni Research: “We hate to spoil the party for the diehard hard-landers, but we won’t be joining them after today’s July employment report… We blame much of the weakness on the we…
* Does a surprising rise in unemployment signal a recession?
* Economist says Fed waited too long to cut interest rates
* Growth in China’s services activity strengthened in July
* Eurozone economy “stalls” in July via PMI survey data
* US 10-year yield fell sharply last week, settling at 3.79%–lowest since December:
US payrolls rose substantially less than expected in July, which triggered warnings that the slowdown indicates heightened recession risk. But some analysts say the soft labor market last month may be due to a one weather-related factor, including Yardeni Research:
“We hate to spoil the party for the diehard hard-landers, but we won’t be joining them after today’s July employment report. We blame much of the weakness on the weather. Yes, we know, the Bureau of Labor Statistics (BLS) noted that Hurricane Beryl had no impact on the report. Yet, the BLS household employment survey showed that 1.54 million workers were either not working or only part time due to weather, far above the historical average.”
Author: James Picerno