Slow-mentum
US nonfarm payrolls racked up a record 106th consecutive monthly gain in July, notching monthly growth of +164,000.
However, the preceding two months were revised down by a combined -41,000, so this was a somewhat weaker result.
And it took the 3-month average jobs growth a notch below +140,000 (a year earlier 3-month average growth was running at well above +200,000).
A deceleration, then, perhaps justifying this week's 25 basis points rate cut.
The unemployment rate held steady at 3.7 per cent, but seemingly hit the bottom of the cycle a few months ago, back in April.
Earnings growth was a bit better than expected at 3.2 per cent, so this will bear watching.
The wrap
Overall, losing a bit of momentum, by the looks of it, which may not be unexpected given the sheer length of the cycle.
Watch out for signs of nascent volatility in the US stock markets, with August to October often being a time of year wherein problems begin to surface.
As noted here, there will almost certainly be a nasty correction in US stock markets from these levels.
It's just a matter of when.
