July jobs report: Manufacturing sector is 'treading water' but still strong

The US economy shed 23,000 non-farm payroll jobs in July, according to the latest report from the US Bureau of Labor Statistics (BLS), which was far below economists' estimates of 80,000. UBS Global Wealth Management head of taxable fixed income strategy Leslie Falconio and Annex Wealth Management chief economist and strategist Brian Jacobsen react to the jobs data and assess how the Federal Reserve may act on interest rates based on this data.