Employers Unexpectedly Cut 23,000 Jobs In July — Markets See September Fed Hike as Less Likely (UPDATED)
U.S. nonfarm payrolls unexpectedly fell by 23,000 in July as government layoffs surged, prompting markets to slash expectations for a September Fed rate hike.
Fewer people got hired this month than expected, which makes it less likely that the Federal Reserve (the bank that sets interest rates) will raise rates soon. When fewer jobs appear, people watch for the Fed to maybe keep rates lower to help the economy.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
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