July Jobs Beats Estimates, But M2 Velocity Craters; Disinflation Sets In
Jobs grew 1.763 million, beating the consensus estimate of 1.6 million.
But inflation for Personal Consumption Expenditures, excluding fuel and food ("PCE Ex F&F"), printed at just half what it was toward the beginning of the year.
Money velocity cratered to its lowest recorded point as the Fed left the spigot open in a slow economy.
Three-month average jobs growth is recovering.
NEW YORK (Aug 7) - The July jobs report surprised, beating expectations and printing up 1,763,000 new jobs, above a consensus estimate of 1,600,000 jobs.
Revisions for May (+26,000) and June (-9,000) netted an (more)