U.S. Nonfarm Payrolls Decline in July, Easing Pressure on Federal Reserve

The U.S. economy unexpectedly shed 23,000 jobs in July, with significant downward revisions to May and June figures, indicating a weaker labor market than previously priced by markets. This soft hiring data has eased pressure on the Federal Reserve to hike interest rates in the near term, leading money markets to now anticipate only one Fed hike this year, likely not before December.