Financial markets began tumbling last week and continued their fall early this week after the release of the July jobs report.The report showed job gains slowing to 114,000, well below expectations of 175,000 and the weakest number gained since October 2019 (excluding the three pandemic months of job losses).
The unemployment rate rose to 4.3%, its highest rate since October 2021. Excluding the pandemic era, unemployment has not been this high since September 2017, when it was still on its long, slow retreat from the Great Recession. This followed a report from the Institute for Supply Management, which showed manufacturing employment moving sharply lower in July.
Source: News | The Economy Begins To Show Signs of Exhaustion
