US Jobs - 2024-08-01

114,000 payrolls is the lowest since April at 108,000 (and that proved to be the first month of a quarter with 2.8% real GDP growth). The unemployment rate rose, but not enough to trigger the dreaded Sahm Rule. And adjusted for rising labor force participation, it barely rose at all. Considering the fear in the air this week, this was a very solid jobs report (and it will certainly do nothing to derail the Fed's intention to start cutting rates at the September FOMC).