US July jobs report disappoints; at point of “non-linear weakening”

Summary: US non-farm payrolls up 114,000 in July, below expectations; previous two months’ figures revised down by 29,000; jobless rate rises to 4.3%, participation rate ticks up to 62.7%; Citigroup: labour market reaching point of further non-linear weakening; US Treasury yields dive; expectations of Fed rate cuts harden; employed-to-population ratio slips to 60.0%; underutilisation rate rises to 7.8%; annual hourly pay growth slows to 3.6%. The US economy ceased producing...

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