The United States reported an increase of 73,000 non-farm jobs in July, significantly lower than the market expectation of 110,000. More seriously, the previously reported 147,000 jobs for June was revised down to 14,000, and May's 144,000 was revised down to 19,000, resulting in a total revision of 258,000 jobs lost over two months. The reason for such a significant revision, according to the Bureau of Statistics, is due to the response rate of the surveys and seasonal adjustment factors. Trump could not accept this and fired the head of the Bureau of Statistics, accusing him of manipulating data for political purposes. U.S. stocks fell by 1-2% on Friday night, but the worsening economic data increased the probability of a rate cut in September from 45% to 75%.
