In September, a rate cut is highly likely, as July's employment greatly fell short of expectations, and the economy is in disarray.

What's even more alarming is that the employment figures for May and June have been revised down to mere fractions of their original numbers, indicating that the previous data was completely inaccurate, and may even have been fabricated. It seems that President Trump will have to follow Chairman Powell's lead and cut rates now!

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In July, the U.S. non-farm payrolls increased by 73,000, while the estimate was an increase of 104,000.

The non-farm payroll increase for May was revised from 144,000 to 19,000;

The non-farm payroll increase for June was revised from 147,000 to 14,000.

After revisions, the total increase in employment for May and June is 258,000 lower than before the revisions.