US Payrolls Miss Forecasts, Exacerbating Hard Landing Fears
US labour markets slowed far more than expected in July, making the economy more likely to gouge the runway as it lands in the months ahead. According to data released by the Bureau of Labor Statistics, 114,000 jobs were added in the month, widely missing the 175,000 consensus forecast, and revisions to prior months saw overall gains lowered by a total 29,000 positions. Wage gains kept decelerating, pointing to a continued softening in demand for workers. Average hourly earnings climbed just 0.2 percent month-over-month, down from 0.3 percent in the prior month, and were up 3.6 percent year-over-year. Perhaps most...