RE:RE:DF now has gained about 6.5 cents since Aug 30Labor data from the US wasnt great, but kind of expected. They continually put out positive numbers , then revise them down.
Private employers in the US posted their smallest monthly hiring growth since January 2021, new data from ADP showed Thursday. Private payrolls grew by about 99,000, well below expectations. Meanwhile, slightly fewer Americans filed a new claim for unemployment benefits last week. On Wednesday, government data showed job openings slumped.
Together, the jobs market data serves as an appetizer for Friday's jobs report for August, crucial to the Fed's policy decision making and closely watched amid hopes for a "Goldilocks" economy.
Stocks' lack of momentum comes with the market torn between conflicting impulses as data releases paint a downbeat picture of the economy. Recent soft readings make the case for deeper rate cuts. But they could also be a sign the US is on the brink of recession and a "soft landing" is no longer in the cards.
Traders now see an almost 50-50 chance the Federal Reserve will lower rates by 0.5% at its September meeting.