August Report: 142K New Jobs, Unemployment Dips

September 6, 2024 Economy, Employment

Yahoo Finance reports:

The US economy added fewer jobs than expected in August while the unemployment ticked lower. Data from the Bureau of Labor Statistics released Friday showed the labor market added 142,000 nonfarm payroll jobs in August, fewer additions than the 165,000 expected by economists.

Meanwhile, the unemployment rate fell to 4.2%, from 4.3% in July. August job additions came in higher than the 114,000 jobs added in June.

Wage growth, an important measure for gauging inflation pressures, rose to 3.8% year-over-year, up from 3.6% in July. On a monthly basis, wages increased 0.4%, higher than the 0.2% seen the month prior.

The Washington Post reports:

Analysts were watching to see if the unemployment rate spike in July was a mere data quirk or indicative of a broader slowdown in the labor market.

Federal Reserve officials will be using the data to steer interest rate cuts later this month. And the presidential candidates will be looking to the report to make their case for who is better for the economy.

The Fed is expected to cut interest rates for the first time since the pandemic began when policymakers meet in mid-September. That cut could be as much as a supersized half-point instead of a more typical quarter-point.

The usual spin by the cult is below.



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