August 5, 2022, 1:14 pm EDT
Resilient Jobs Report
A surprisingly strong July non-farm payroll shows that the US economy is more resilient than expected.
- Payrolls increased 528K which surpassed the estimated 258K in a wide margin
- Unemployment rate 3.5% is another 40+ years low level
Although the rate hike will continue in September, a strong job market could gradually smooth out the decline in other economic activities like housing or retail sales. The key factor is to observe whether there is a big drop or mild slowdown in the job market. This is number one of the most influential data to drive the direction of the stock markets.