Prior was +206 (revised to +179K)

Details of the July 2024 jobs report:

Two-month net revision -29K vs -111K prior
Unemployment rate 4.3% vs 4.1% expected
Prior unemployment rate 4.1%
Participation rate 62.7% vs 62.6% prior
U6 underemployment rate 7.8% vs 7.4% prior
Average hourly earnings +0.2% m/m vs +0.3% expected
Prior avg hourly earnings +0.3% m/m
Average hourly earnings +3.6% y/y vs +3.7% expected
Average weekly hours 34.2 vs 34.3 expected
Change in private payrolls +97K vs +148K expected
Change in manufacturing payrolls +1K vs -1K expected
Household survey +67K vs +116K prior
Government jobs +17K vs +70K prior
Full time +448K vs -28K prior
Part time -325K vs +50K prior

Fed pricing was for 32 bps at the September meeting and 89 bps at year end ahead of the report. US 2-year yields were trading at 4.11% and USD/JPY was trading at 149.00.

There have been some huge moves on the back of this report, particularly in USD/JPY, which has plunged to 147.39. US 2-year yields fell to 3.91%. In terms of Fed pricing, we’re up to 42 bps for September, implying a 70% chance of 50 basis points. FOr year end, pricing is at 109 bps.