July payrolls just crashed expectations.
Nonfarm payrolls came in at -23k vs 91k expected. That's not a miss, that's a collapse.
But here's the twist: unemployment rate dropped to 4.1% from 4.2%, beating the 4.3% forecast.
So we're seeing fewer jobs added but fewer people unemployed. Labor force participation likely shifted, or revisions are coming. Either way, this creates a messy narrative for the Fed.
Weak hiring + falling unemployment = stagflation whispers or statistical noise?
Markets hate confusion more than bad news.
Nonfarm payrolls came in at -23k vs 91k expected. That's not a miss, that's a collapse.
But here's the twist: unemployment rate dropped to 4.1% from 4.2%, beating the 4.3% forecast.
So we're seeing fewer jobs added but fewer people unemployed. Labor force participation likely shifted, or revisions are coming. Either way, this creates a messy narrative for the Fed.
Weak hiring + falling unemployment = stagflation whispers or statistical noise?
Markets hate confusion more than bad news.