🚀 Jobs market weaker than reported

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The U.S. economy created 818,000 fewer jobs than initially reported for the year ending in March 2024, according to a revision by the Labor Department. This adjustment, the largest since 2009, reveals that job growth was nearly 30% less than previously believed, with the actual increase totaling just over 2 million jobs. The most significant downward revisions occurred in professional and business services, leisure and hospitality, and manufacturing. This weaker-than-expected labor market could influence the Federal Reserve's upcoming decisions, with some economists predicting a potential interest rate cut in September.

2. Federal Reserve officials edged closer to implementing an interest rate cut during their July meeting, though they ultimately opted to maintain the current rate. The meeting minutes, released Wednesday, revealed that the majority of participants believed a rate reduction in September would be appropriate if economic data continued as expected. While all members of the Federal Open Market Committee voted to keep rates steady, some were inclined to ease policy immediately, citing progress on inflation and concerns about the labor market. With inflation pressures easing and labor market risks rising, a September rate cut appears increasingly likely.

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4. Headlines

   1. Alex Cooper’s podcast, “Call Her Daddy,” has reportedly inked a $100M deal to leave Spotify and join SiriusXM.

   2. Target’s sales were up 3% last quarter, beating expectations.

   _{* This is sponsored content.}

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