QQQ - June 2024 Employment: Worrisome Weakness Opens Door To Rate Cuts
2024-07-05 11:00:57 ET
Summary
- There was Nonfarm Payroll growth of 206K jobs, surpassing forecasts. However, significant downward revisions of prior months. The unemployment rate surprised upwards.
- Establishment Survey data reveals a major deceleration in job growth in the past three months, particularly in the private sector, raising concerns about the economic outlook.
- Weak job numbers increase the likelihood of rate cuts.
The Employment Situation Report ((ESR)), corresponding to labor market activity during the month of June 2024, was published by the BLS on Friday, July 5, 2024, at 8:30 AM EST. This report makes available an extraordinary amount of important labor market data derived from two separate surveys: The Establishment Survey and the Household Survey.
In this article, we will walk readers through the most important employment statistics derived from both surveys. However, we will be providing a deep breakdown of the Establishment Survey. We will also discuss the likely implications of the report for bond and equity markets....
June 2024 Employment: Worrisome Weakness Opens Door To Rate Cuts