We at investorAi are feeling rather pleased with this bad news. Why? Because it fits exactly in line with Aeryn's (AI) long-term predictions. It is what we have been telling clients to be wary of for the last 6 months which has given them plenty of time to prepare.
The news is not good for the US economy, that, of course, is bad news.
The data released by the Bureau of Labor Statistics on Friday the 2nd of August 2024 revealed that the labor market added 114,000 nonfarm payroll jobs in July. This was significantly below the 175,000 expected by economists.
Those fewer jobs caused the unemployment rate to unexpectedly rise to its highest level in nearly three years, marking a broader summer slowdown in the US labor market. This is inline with other data points we have been monitoring and points to a softening and slowdown that we have been expecting at such high interest rates.
The unemployment rate rose to 4.3% in July from 4.1% in June. That is the ...
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