US employment data & US bank shares.....1 Aug 2025 15:38
The July jobs report showed nonfarm payrolls expanded by 73,000 last month, well beneath the consensus estimate from economists polled by Dow Jones that called for a 100,000 increase to payrolls. Prior months were significantly revised down. June job growth totaled just 14,000, down from 147,000. The May count came down to 19,000 from 125,000, signaling the labor market has been weakening for a while now.
Bank stocks were sharply lower on fears that a slowing economy could hit loan growth. Shares of JPMorgan Chase
pulled back about 4%, while Bank of America
and Wells Fargo
fell more than 3% each.