Forget a Fed hike
- Weak headline
- Weak revisions
- Weak wage growth
- Weak participation (the only reason unemployment didn't rise)
There is no silver lining in the US employment report. You could argue that it's the weakest one in more than a year.
Forget a Fed hike in October, the chances now are zero with no chance of rising. This report is so bad that it will spark talk that the economy is decelerating and that 'market turmoil' in August spread into the real economy.
I don't that's the case as it's only one month but, suddenly, next month's jobs report just became a much bigger deal.
The US dollar has been walloped by the numbers. USD/JPY was trading at a session high at 120.41 before the numbers, it's crashed more than a cent to 119.20.
