The BLS noted that unemployment rates for adult men and white Americans increased in July, while unemployment rates for adult women, teens, black Americans, Asians, and Hispanics "showed little or no change over the month."
The BLS noted that unemployment rates for adult men and white Americans increased in July, while unemployment rates for adult women, teens, black Americans, Asians, and Hispanics "showed little or no change over the month."
The unemployment rate rose by 0.2 percent from the month prior, and the number of unemployed people increased by 352,000 to 7.2 million. This is up from one year prior, when the unemployment rate was 3.9 percent and 5.9 million people were unemployed.
According to the Daily Mail, the jobs added in July fell short of the Dow Jones estimation of 185,000. The unemployment rate is also at the highest since October 2021.
CNBC reported that Dow Jones Industrial Average fell 832 points following the release of the jobs report. This comes after the stock market had rallied on Wednesday when the Federal Reserve suggested that a rate cut was coming in September. After the release of the jobs report, however, some investors stated that the Fed should have acted on Wednesday.
“The markets only get spooked by an unexpected Fed move when they believe the Fed sees or is sniffing out something that the markets haven’t caught on to,” said BMO Wealth Management Chief Investment Officer Yung-Yu Ma. “In this case, it’s the markets that have caught on to something that the Fed is missing.”
Bret Kenwell, US investment analyst at eToro, said, "The labor market is the lifeblood to the US economy and the Fed needs to ensure that they don't risk weakening it too much solely in an effort to bring down inflation. Almost getting inflation to the Fed's 2 percent target and keeping a strong economy is better than achieving the inflation target while sacrificing the economy to get there."
The Federal Reserve hiked interest rates 11 times in 2022 and 2023 in an attempt to curb rampant inflation.
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