We're in a 'goldilocks' jobs growth market. History says that's more bullish than bearish
trade higher around 80% of the time in these months, and each index logged an average monthly gain of more than 2%.were 1.6% and 3% below their respective all-time highs."It seems like the tone on trade has gotten better," Art Hogan, chief market strategist at National Securities, told CNBC on Monday. "That's the biggest driver.
Paul Ashworth, chief U.S. economist at Capital Economics, told CNBC that aside from the weak headline number, "the rest of the employment report was actually quite positive." Wage gains were a bright spot, exceeding expectations, with average hourly earnings increasing by 0.4% for the month and 3.2% over the year; both numbers one-tenth of a percentage point better than expected.
Expectations of above 90% that the Federal Reserve will cut interest rates when it next meets mid-month are also baked into the market.at an event in Zurich on Friday. "Maybe it's a good enough number for [Fed Chair Jerome] Powell to take action. It's a good enough number to be able to say we're not going into recession, but let's not go into recession,""The Fed is locked into cutting in September," Jason Furman, former Council of Economic Advisors chair, said on Friday. "It would be disruptive and contractionary for them to not do it. I don't see anything in today's data that calls for more cuts past September.
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