The US economy shed 23,000 jobs in July instead of the forecasted 80,000, with revisions erasing an additional 103,000 jobs. The unemployment rate fell to 4.1%, but only because many workers left the labor force, pushing participation to 61.4%, the lowest in 50 years excluding COVID. Federal Reserve expectations have dramatically shifted, with September rate hold odds jumping from 33% to 55.9% in just one week. Bitcoin rose 0.7% to approximately $65,172, and everything now hinges on the July CPI report due August 12. Wages grew 3.2% year-over-year while June inflation ran at 3.5%, eroding real purchasing power for average workers.
Source: Read the original article
