July payrolls fell 23,000 versus expectations of 83,000 gains, prompting Fed rate cut bets and Treasury yield declines.
US equities advanced and Treasury yields dropped after July nonfarm payrolls contracted by 23,000, missing economist forecasts of 83,000 additions. The unemployment rate edged down to 4.1%.
Revisions subtracted 103,000 jobs from May and June totals, reinforcing signs of labor-market cooling. Prior consensus had called for steady hiring, while June’s print was revised downward by 54,000.
Traders slashed September Fed hike odds to 43% from 55%, according to CME Group data. Brent crude futures held near $83.75 a barrel amid Strait of Hormuz traffic talks.