The non-farm payrolls number for July released last Friday will dominate discussions about the economy over the next few weeks. Not only was the 187,000 jobs-created figure modestly below expectations, but the Bureau of Labor Statistics reached all the way back to May to make downward revisions in the employment totals, bolstering a view that the US economy is gradually slowing in a manner that will assist the Fed in its fight against inflation. U.S. equities experienced a notable decline last week, with the S&P 500 Index declining 2.26%, marking its most severe weekly downturn since March 2023. In local currency terms, the European STOXX Europe 600 Index ended 2.44% lower. The market volatility was likely driven by a combination of macro events. On the wealth planning front, we discuss strategies to fund higher education as college tuition continues to rise.
Click Here to Read the August 7, 2023, Economic Commentary
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