Outlook 08/02: Stock futures slid Friday as a much weaker-than-anticipated jobs report for July ignited worries that the economy could be falling into a recession. July job growth in the U.S. slowed more than expected, while the employment rate rose to the highest since October 2021. Nonfarm payrolls grew by just 114,000 last month, a slowing from 179,000 jobs added in June and below the 185,000 expected. The unemployment rate increased to 4.3%. The rise in the unemployment rate brings into play the so-called Sahm Rule, which states that the economy is in recession when the three-month average of the jobless level is half a percentage point higher than the 12-month low. In this case, the unemployment rate was 3.5% in July 2023 before it began its gradual ascent. The three-month unemployment rate average moved up to 4.13%.
ESU24 (SEP2024): YVAH 5540 YPOC 5473 YVAL 5446 GAP 5465
/ES Plan: Yesterday market closed bearish (PBT 5344), and overnight continues on that way (PBT 5363), moving below previous value/range, so these're the opening and initial balance options for today:
