The 164,000 gain in non-farm payrolls in July confirms that employment growth is trending lower, but it also suggests that the economy is still coping reasonably well amidst concerns over weaker global growth and trade policy uncertainty. President Donald Trump’s re-escalation of the dispute with China has clearly upped the pressure on the Fed to deliver further policy loosening, but trade tensions alone won’t necessarily be enough to convince officials to cut rates again.
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