Trump calls July jobs report “rigged”

The U.S. Bureau of Labor Statistics’ July’s jobs report revised earlier months’ figures down so dramatically that U.S. President Donald Trump referred to as it “RIGGED” and “CONCOCTED.”

Markets, nevertheless, appear to have shrugged off their worries for now — U.S. shares rebounded Monday from the sell-off on Friday after the report was launched. The transfer, nevertheless, could possibly be extra an instinctive reflex than a mirrored image of what is actually driving markets.

“Right now is kind of a bounce-back day,” mentioned Sam Stovall, chief funding strategist at CFRA Analysis. “Shares are likely to pop after a drop, so that is what’s taking place.”

“Now we have to attend and see what occurs tomorrow, as a result of there could possibly be a chance that buyers suppose, ‘You already know what, we actually have to take some cash off the desk to digest a few of these good points,'” he added.

Trump’s new tariffs come into power on Aug. 7, so there is a chance buyers might seize this chance, when markets have recovered barely from Friday’s losses, to take revenue first — and earlier than any additional slowdown, as prompt by July’s jobs report, is doubtlessly “rigged” and strikes the U.S. financial system.

Contentious July jobs report confirms the U.S. financial system is slowing sharply. Here is why

Nonfarm payrolls rose by simply 73,000 in July, beneath even the muted expectations. Heavy downward revisions to the Might and June depend took the three-month common job good points down to only 35,000, or lower than one-third the tempo for a similar interval a yr in the past.

Historically a lagging indicator in terms of recessions, the weak point in job progress factors to an financial system that could be slowing much more than a number of the conventional metrics are displaying.

— Jeff Cox