Non-farm payroll data confirms Waller and Bowman's case for rate cuts: labor market shows signs of weakness

On August 1st, according to Jinshi, US labor data supported calls for monetary easing, sending Treasury yields and the dollar down. The 10-year Treasury yield was 4.295%, and the 2-year Treasury yield was 3.801%. US jobs increased by only 73,000 in July. The unemployment rate rose slightly from 4.1% to 4.2%. Meanwhile, previous data were significantly revised downwards: May's job gains were revised down from 144,000 to 19,000, and June's job gains were revised down from 147,000 to 14,000. Before the release of the jobs report, dissenting Federal Reserve Governors Waller and Bowman indicated signs of labor market weakness. The US dollar plummeted in response to the jobs data. [PANews]