The Bureau of Labor and Statistics (BLS) released July’s jobs report Friday, noting 114,000 jobs were added. The unemployment rate rose for the fourth consecutive month and currently sits at 4.3%. America’s Credit Unions Deputy Chief Economist Curt Long analyzed the data.
“The July jobs report was a mediocre one, with job gains of just 114,000 and a rise in the unemployment rate to 4.3%,” said Long. “The unemployment rate has risen for four consecutive months, and has now triggered the Sahm Rule, a labor-market based indicator used to provide an early recession signal. With many observers fearing that the Fed has fallen behind the curve in addressing deteriorating labor market conditions, a September rate cut is a near certainty and a 50-basis point cut is now on the table.”
