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US Non-farm Payrolls (NFP) validate Waller and Bowman’s reasons for interest rate cuts: signs of weakness in the labor market.
On August 1st, U.S. labor data supported calls for monetary easing, leading to a decline in U.S. Treasury yields and the dollar. Meanwhile, previous data was significantly revised down: May's new job additions were revised down from 144,000 to 19,000, and June's new job additions were revised down from 147,000 to 14,000. Before the employment report was released, dissenting Fed Governors Waller and Bowman indicated signs of weakness in the labor market. The big dump was influenced by the employment data. ( Jin10 )