This morning we learned that the US economy created only 162,000 jobs in July, but enough people were killed by drones or amusement park rides so that the unemployment rate actually ticked down to 7.4%.
This number will be revised up and then revised down or in the reverse order at some point in the future. No one will notice because by then we’ll have the August number to obsess over.
I have no idea how this impacts the Fed’s decision on whether it will begin to buy less bonds in September or in a later month. I also don’t think there’s a lot of value in combing through the entire employment report for stats about which race is more unemployed and how many people have no job for a certain amount of weeks.
If that’s what you’re into, go here: