The July jobs report came in weaker than forecasted on Friday, August 2. Yahoo Finance broke down the numbers and explored their impact on the market.
(00:00:00) Morning Brief anchors Seana Smith and Brad Smith explained the data from the July jobs report.
(00:02:07) Joe Brusuelas, RSM chief economist, and Marc Pinto, Janus Henderson Investors head of Americas equities, discussed the higher-than-expected unemployment numbers and what they mean for potential Federal Reserve rate cuts. Brusuelas predicts that rates will be cut in September.
(00:10:30) Yahoo Finance reporters Brooke DiPalma, Ines Ferré, and Madison Mills broke down which employment sectors saw the most gains in July. Healthcare added the most new jobs, with construction, transportation, and warehousing also seeing significant gains.
(00:14:13) JP Morgan asset management portfolio manager for global fixed income, Kelsey Berro, shared her thoughts on the jobs report. She noted job losses in “higher income categories” including the tech sector and information businesses. She also believes that rates will be cut in September.
(00:20:15) Acting Labor Secretary Julie Su indicated that the overall state of the economy is still strong despite the weak jobs report, citing low levels of layoffs and strong overall month-over-month growth.
(00:26:14) MarketGauge.com’s chief strategist Michele Schneider discussed the market’s negative reaction to the job report and advised investors on which stocks to consider buying, including Amazon (AMZN) and Apple (AAPL).
(00:32:26) Claudia Sahm, chief economist at New Century Advisors, former Federal Reserve Board economist, and creator of the Sahm rule gave insight into the rule and shared whether she thinks the US is heading towards a recession.
(00:41:51) Allspring Global Investments head of active equity Ann Miletti explored the jobs report and the market’s negative reaction to it.
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This post was written by Meredith Lawrence.