🇺🇸 U.S. JULY NONFARM PAYROLLS RISE BY 114,000; EST. 176,000; PREV. 179,000
🚨LOWEST SINCE JANUARY 2021
Worst Data From the US. FED has committed a Big mistake not Raising the Rates in August.
All this Indicates a Recession post September.
June marked third consecutive month of negative revisions to nonfarm payroll data.
There's some reason to believe that Hurricane Beryl depressed these numbers, as absences due to weather in the household survey were highly elevated - hourly workers not on payroll.
Absences from work due to weather also increased. It was at 0.28% of employment in July, vs the more typical 0.02%.
For hourly workers, this would mean no pay - they wouldn't show up in the establishment survey employment count (NFP).
