Overview

• The U.S. economy added just 73,000 jobs in July, falling well short of forecasts above 100,000 positions
• Payroll figures for May and June were revised down by a total of 258,000 jobs, and the unemployment rate rose to 4.2 percent
• Healthcare and social assistance accounted for the bulk of July’s gains even as manufacturing, information technology and government roles contracted
• President Trump ordered the firing of BLS commissioner Erika McEntarfer for alleged data falsification despite no evidence supporting the claim
• Wall Street plunged, with the Dow dropping roughly 500 points, as investors ramped up expectations for a Federal Reserve rate cut by September