Weak Jobs Data Shifts Fed Rate-Cut Debate From When to How Many

Annual Increase for Average Hourly Earnings Is Smallest Since May 2021

Jobs Data Seen Shifting Fed-Cut Debate From When to How Many

Private Job Creation Lowest Since March 2023

Treasury Yields Sink

Labor Participation Rate Unexpectedly Rises

Weak Jobs Report Boosts Chances of Fed Cut in September

Stock Futures Tumble

Prior Months Revised Downward

Average Hourly Earnings Rise 0.2% M/M; Est. +0.3%

Unemployment Rate 4.3%; Est. 4.1%

US July Nonfarm Payrolls Rise 114k M/M; Est. +175k

Key Events

ImageLede

Senior Editor

Economist

Bloomberg subscribers can save articles and view them from any device.

Upgrade to an unlimited subscription to save articles and view them from anywhere.

Bloomberg subscribers can send up to {count} articles a month to anyone to read for free, including non-subscribers.

Upgrade your subscription to send up to {count} articles a month to anyone to read for free, including non-subscribers.

Copy article link

Hello,<p>A Bloomberg.com subscriber thought you might want to read this story. To read it, all you need to do is click on the link – no subscription necessary. (Please note the link will only be valid for {days} days.)

Email article link

Please try again. If the problem persists, please contact customer support.

Something went wrong

We've doubled your gift articles this month. Share up to {count} articles with friends, family or colleagues.

As a subscriber, you can gift up to {count} articles this month. The recipient can read the full article for free – no subscription necessary.

As a subscriber, you can gift up to {count} articles each month. The recipient can read the full article for free – no subscription necessary.