US loses 23,000 jobs in July as S&P 500 hits record high
What's new: The weak payrolls report cut the implied odds of a September Fed hike to about 44%, while gold jumped above $4,300 and the dollar fell.
US nonfarm payrolls fell by 23,000 in July, a sharp miss versus expectations for an 80,000-job gain, and markets swiftly repriced the Federal Reserve outlook. The S&P 500 closed at a record 7,756.44 on Aug. 7, while the Nasdaq rose 1.29% and the Dow gained 0.28%. Rate-hike odds for September dropped from 55% before the report to about 44%, according to CME FedWatch. The dollar weakened against the yen and euro, Treasury yields fell, and spot gold climbed as high as $4,347.29 an ounce. The unemployment rate dipped to 4.1%, but that was tied to workers leaving the labor force, with participation falling to 61.4%. Revised payroll figures for the prior two months were also cut sharply.