🔔 NFP (Non-Farm Payrolls) Forecast for August 2024📈

 The July Non-Farm Payroll (NFP) report, released on August 02, 2024, showed the U.S. economy added 187,000 jobs, matching June’s revised figures but falling short of the 200,000 forecast. The unemployment rate remained steady at 3.5%, indicating a strong labor market despite slower job growth in the manufacturing and retail sectors.

Stock markets initially dipped due to the missed expectations but recovered by the end of the day, reflecting cautious optimism. Bond yields fell as investors speculated on a potential pause in Federal Reserve rate hikes, with the 10-year Treasury note yield dropping to 3.85%.

Gold prices rose by 1.2% to $1,950 per ounce, driven by increased economic uncertainty and potential for a more dovish Fed stance. The U.S. Dollar weakened slightly, benefiting currencies like the Euro and Yen. Global stock markets had mixed reactions, with European markets gaining and Asian markets showing varied responses.

Overall, the July NFP report highlighted a resilient but cautious economic landscape, significantly impacting investor sentiment and market dynamics.

The graph shows the difference between forecasted, previous, and actual job additions for June, July, and August 2024. In June, actual job growth was better than expected, signaling a robust economy. However, in July, job growth matched the previous month’s revised data but didn’t meet expectations, indicating a slowdown. August continued this trend, with job growth higher than July’s revised figures but still below forecasts, reflecting economic uncertainty. This mixed performance impacts investor confidence and market movements.