The Bureau of Labor Statistics reported another all-around solid jobs report for July. The U.S. economy created 209K net new jobs last month, easily beating consensus expectations for 180K jobs.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Aug. 4.
- Job gains in July were led by private service providers.
- The jobs report is strong enough to keep the Fed on course for a September balance sheet reductions announcement, and it will keep a December rate hike from the Fed on the table.
- Some FOMC members could begin to worry that the labor market is running a little too hot right now.
- It’s premature to conclude the U.S. economy is breaking out of its 2% trend growth rut, though we do think GDP growth in Q3 will come in closer to 2.6% than 2.0%.
Read More ›
The rebound was driven by a marked improvement in real consumer spending growth to a 2.8% annualized pace from a 1.9% pace in Q1.Read More ›
The FOMC dropped a big hint in today’s FOMC statement that implementation of the Fed’s balance sheet normalization plan will take place “relatively soon.”Read More ›
The summer is just flying by, and that means another FOMC rate decision and statement next week.Read More ›
As recently as March, inflation appeared to be heating up.Read More ›