Recent Economic Uncertainty

[Ella Compton]

A recent U.S. jobs report showed weaker than expected employment growth, with only 73,000 jobs added in July and downward revisions to previous months. Unemployment rose to 4.2%, the highest since late 2020. In response, mortgage rates and stock prices fell, while expectations for a potential Federal Reserve rate cut in September increased. 

Meanwhile, the federal government announced new tariffs on imports from 66 countries and the European Union, effective August 7. Economists expect these tariffs to raise consumer prices, which would contribute to further inflation. 

(article from Inman)