(WASHINGTON) -- Fresh jobs data on Friday showed a continued hiring slowdown in the first such release since a dismal jobs report last month prompted President Donald Trump to fire the top official tasked with compiling labor statistics. The reading fell well short of economists' expectations.
The U.S. added an average of about 28,000 jobs over three months ending in July, which marked a major cooldown from the roughly 196,000 jobs added on average over the previous three-month period, U.S. Bureau of Labor Statistics (BLS) data showed.
Fed Chair Jerome Powell recently said the central bank would "proceed carefully" but he hinted at the possibility of an interest rate cut, appearing to indicate greater concern for flagging employment growth than rising prices.
Late Thursday, investors pegged the chances of a quarter-point rate cut this month at 97%, according to CME FedWatch Tool, a measure of market sentiment. As of Friday morning, the odds of a a quarter-point cut had risen to 99%.
As a replacement for McEntarfer, Trump nominated E.J. Antoni, chief economist at the conservative-leaning Heritage Foundation. Antoni is a longtime critic of the BLS and a contributor to the conservative policy blueprint Project 2025.