RESOLVING THE LEDGER
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Nonfarm payrolls in the U.S. unexpectedly declined in July, but so did the unemployment rate, leaving investors with mixed signals on how to process the latest jobs report.
"This report is like a hall of mirrors, tricking investors with different signals about whether labor's recovery is stalling." —Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research .
"We agree that the [July] jobs report was a bit dovish on net. But we are sticking with our call that the Fed will hike by 75 [basis points] this year, starting in [September]. The Fed is likely to remain more focused on inflation than labor. The [July] CPI report is a bigger event than today's jobs numbers." —Aditya Bhave, U.S. economist, Bank of America .
"Although the stock market is likely to welcome the dovish implications of the report, investors should be wary of the future growth potential of an economy where fewer people are working." —Peter Graf, chief Investment officer at Amova Asset Management Americas .
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