This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

It’s a big week for labor market data. With everything published except for tomorrow’s NFP report, let’s round up all the data we received this week and get an idea of where things stand — and how that contrasts with the expected Fed rate cut this September.

JOLTS

It’s always important to remember how lagged the JOLTS report is as a datapoint. This report is from July and, much like the jobs report we received last month, it’s quite weak.

Job openings surprised to the downside at 7.18 million, below the expected 7.4 million. 

When we contextualize that alongside how…

Read more on Blockworks