July saw the second lowest job growth since COVID.

The Department of Labor reported non-farm payrolls in July grew by only 114,000. That was much below the 175,000 expectation. This is the second lowest growth since COVID.

June's original 206,000 growth was revised to 179,000.

May, last estimated at 218,000, was revised to 216,000.

The trade has moved its expectation of a -0.25% Federal Reserve interest rate cut in September down to a -0.50% cut.

The general unemployment rate, expected unchanged at 4.1%, was estimated at 4.3%. This is the largest unemployment rate since October 2021.

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