Lates News

Federal Reserve Governor Cook said that the July employment report was "worrisome" and indicated a possible turning point in the US economy. Cook said in a discussion at the Boston Fed on Wednesday, "These revisions are indicative of a turning point to some extent." Data released last week showed a sharp cooling in the labor market in recent months. According to a report from the US Bureau of Labor Statistics, nonfarm payroll employment increased by 73,000 in July, with the data for the previous two months being revised down by nearly 260,000. The unemployment rate rose slightly from 4.1% in June to 4.2%.