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Home Nonfarm Payroll Nonfarm Payrolls (NFP) increased by 114,000 in July

Nonfarm Payrolls (NFP) increased by 114,000 in July

by anna

The recent underperformance in US employment figures has stoked recession fears and bolstered the likelihood of Federal Reserve rate cuts in September. Jim Wyckoff, a senior market analyst at Kitco Metals, noted, “The marketplace just now is factoring in a better-than-70% chance for a 50-basis-point cut by the Fed at the September FOMC meeting.”

Data from the US Bureau of Labor Statistics (BLS) revealed that Nonfarm Payrolls (NFP) increased by 114,000 in July, down from a revised 179,000 in June and below the forecasted 175,000. Additionally, the US unemployment rate rose to 4.3% in July from 4.1% in June, marking the highest level since November 2021.

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Investors are now looking towards the US ISM Services Purchasing Managers Index (PMI), which is anticipated to rise to 51.0 in July from 48.8 in June. Stronger-than-expected PMI data could bolster the US Dollar (USD), potentially capping gains for USD-denominated gold.

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