U.S. job creation slowed sharply in August, with nonfarm payrolls rising by just 22,000, while the unemployment rate edged up to 4.3% in August from 4.2% in July. The data confirmed that the labor market is losing momentum and bolstered expectations of a Federal Reserve interest rate cut at its September 16\u201317 meeting.<\/p>\n\n\n\n
The Labor Department said payrolls increased by only 22,000 last month, far below economists\u2019 forecasts for 75,000. July\u2019s reading was revised upward to 79,000 from 73,000, while June\u2019s was cut sharply to a loss of 13,000 from the previously reported gain of 14,000. In total, employment in June and July was revised 21,000 lower than earlier estimates.<\/p>\n\n\n\n
Alongside weak hiring, the BLS showed that the labor force participation rate ticked up slightly to 62.3% from 62.2%. Average hourly earnings growth slowed to 3.7% year-on-year, down from 3.9%.<\/p>\n\n\n\n
Markets are now almost unanimously betting on a Fed rate cut. CME\u2019s FedWatch Tool indicates investors are pricing in nearly a 100% chance of a 25-basis-point reduction from the current 4.25%\u20134.50% target range. Fed Chair Jerome Powell has acknowledged rising labor market risks, even as inflation remains elevated, and policymakers have signaled that supporting employment may take priority.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
U.S. job creation slowed sharply in August, with nonfarm payrolls rising by just 22,000, while the unemployment rate edged up to 4.3% in August from 4.2% in July. The data confirmed that the labor market is losing momentum and bolstered expectations of a Federal Reserve interest rate cut at its September 16\u201317 meeting. The Labor …<\/p>\n","protected":false},"author":9,"featured_media":39595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4707,36],"tags":[6892,6842],"class_list":["post-118483","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-breaking-news","category-market-updates","tag-nfp","tag-us"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/118483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=118483"}],"version-history":[{"count":5,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/118483\/revisions"}],"predecessor-version":[{"id":118490,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/118483\/revisions\/118490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/39595"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=118483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=118483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=118483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}