Employers Unexpectedly Shed Jobs, Fed Hike Worries Ease, More
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Why did the July jobs report show a surprise loss of 23,000 jobs?
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News when you want it with Bloomberg News Now. I'm Karen Moscow. I'll have the latest on Iran in just a moment. But first, it's a big downside surprise for the labor market. Bloomberg's Michael McKee has the July non farm payrolls report.
Negative 23,000 jobs. Uh there have been people who've been forecasting that that might happen sometime soon. Ian Lingen over at BMO turns out to be right today. The unemployment rate though drops to 4.1 percent, and I imagine what we're seeing there is another decline in the labor force.
What impact could Iran’s proposed deal on the Strait of Hormuz have on shipping?
We'll take a look at that in just a second. Change in private payrolls, uh 30,000. So what we're looking at is a very important thing. is a labor market that is much weaker, at least on the hiring side.
And as Blumber's Michael McKee, the decline in payrolls was driven by cuts in government, leisure, and hospitality, as well as retail trade. Futures gained and treasuries surged on the news with SP futures up half percent this morning, Dow futures up three-tenths of a percent, and Nasdaq futures up nine-tenths of a percent. Ten-year Treasury up 1730 seconds the yield at 4.6%, they yield on the two year at four. point one five percent. The Bloomberg Dollar Spot Index, it drops four tenths of a percent. It dropped to its day low following this data, and traders are pairing bets on a Federal Reserve interest rate increase for the year. Now to Iran, where lawmakers are debating the wording of a proposed deal with Oman on the Strait of Horamouz.
The FARS news agency reports some Iranian politicians are pushing for a ban on US and Israeli ships from the waterway. It comes as President Trump says talks are quote moving along. Begin more with Bloomberg news reporter Dan Williams.
How is the Federal Reserve’s rate‑setting process being influenced by the President and the Fed’s voting committee?
The question is this latest condition by Iran. How practical, what sort of impact would it have on the ground or More precisely on the water. Israeli flagships have pretty much not been anywhere near Hormuz during this war. They've uh already thinned out their presence such as it was well ago. US flagships, uh, in terms of US flagships, not necessarily carrying cargo for the United States, are also fairly rare. So it could be that this will not have a practical price. However, in terms In terms of prestige, it's kind of a blow. It's really egg in the face of the US president who, as you noted, is talking up this allegedly imminent deal in his own right.
And as Bloomberg's Dan Williams, other modifications reported by FARS include an Iranian demand for compensation from hostile countries. Meanwhile, FARS also says Iranian naval forces had struck hostile targets at the entrance to the strait, citing an unnamed source, an indication that tensions remain high. NYMEX screwed oil has been wavering on the news, so is Brent. Now it's lower, with NYMEX screwed down six-tenths of a percent.
Why did the Senate postpone the cryptocurrency “Clarity Act” vote?
It's at $76.90 a barrel, Brent at $81.82. Turkey, Saudi Arabia, and Pakistan have signed a trilateral defense agreement in Mecca today, establishing a coordinated security posture against the backdrop of the Iran war. Under the agreement, NATO member Turkey, oil-rich regional powerhouse Saudi Arabia, and nuclear armed Pakistan pledge to jointly retaliate to outside threats against any one of them. President Trump said he'd like to see interest rates come down, but he acknowledges it's not entirely up to Fed Chair Kevin Walsh. And we bring back Bloomberg's Michael McKee from Warren, what the president had to say in an interview with Punchbowl News.
He basically has been repeating what he has said for quite some time that uh it's up to Walsh to make a decision, but that he has a committee.
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Chapters
7 chapters
1
Why did the July jobs report show a surprise loss of 23,000 jobs?
0:00–1:01
2
What impact could Iran’s proposed deal on the Strait of Hormuz have on shipping?
1:01–2:14
3
How is the Federal Reserve’s rate‑setting process being influenced by the President and the Fed’s voting committee?
2:14–3:22
4
Why did the Senate postpone the cryptocurrency “Clarity Act” vote?
3:22–4:54
5
What are the drivers behind July’s rise in global food commodity prices?
4:54–6:26
6
How does Berkshire Hathaway’s acquisition of Taylor Morrison reshape the U.S. home‑building market?
6:26–7:34
7
What can listeners expect from Bloomberg’s Hot Pursuit automotive podcast?
7:34–8:32
Speakers
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