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‘Chugging Along at a Slower Pace’: Traders on Employment Data

  • Jobs report does little to alter views on Fed, economy
  • Tariff threats loom larger than last month’s hiring data
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U.S. Adds 164,000 Jobs in July, Jobless Rate Unchanged at 3.7%

Stock futures slipped and bond yields ticked higher after a U.S. employment report that showed hiring was roughly as expected while worker pay rose slightly faster than anticipated.

Strategists and investors, shell-shocked after a week of market-moving pronouncements by Federal Reserve Chair Jerome Powell and President Donald Trump, were generally happy to have avoided an extreme outcome in the week’s last big report.