Vix surges to 15-month high as jobs report spark recession worries
, or"fear index", has rallied to levels not seen since in 15 months as Friday's jobs report put recession fears front and center, forcing traders take cover amid a sea of red washed over Wall Streetrising 114,000 last month, the lowest since January 2021, and down from a revised 179,000 in June. Economists had seen the July number at 177,000.also rose to 4.3%, up from 4.1% in June, while month-on-month average hourly wage growth came in at 0.2%, a drop from 0.3% the previous month.
But the labor market data Friday, particularly, the tick up in the unemployment rate to 4.3%, which is now above the Fed's 4.1% forecast for the year provided in the June summary of economic projections will likely force the Fed into action. "We now think the FOMC cuts by 50bp at both the September and November meetings, followed by 25bp cuts at every meeting thereafter" JPMorgan said Friday, adding that there was a"strong case" for the Fed to act before the Sept. 18 meeting.
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