Washington – The US economy added 142,000 new jobs in August, less than Wall Street analysts’ expectations of 160,000 jobs.
The US Bureau of Labor Statistics said in a statement on Friday that the unemployment rate fell slightly to 4.2 percent, down from 4.3 percent in July, which was the highest level since October 2021.
The number of unemployed people in the US market reached about 7.1 million people by the end of last August, while the number was recorded at 6.3 million people in August 2023, when unemployment reached 3.8 percent.
The numbers add more pressure on the US Federal Reserve, as part of its efforts to prevent a recession in the economy, stimulate the market and provide more job opportunities.
Following the Bureau of Labor Statistics statement, gold prices turned higher, up 0.37 percent, after falling 0.21 percent, to settle at $2,525 by 13:57 GMT, while the dollar index fell 0.2 percent.
The unemployment rates for adult men were 4 percent, adult women 3.7 percent, teens 14.1 percent, whites 3.8 percent, blacks 6.1 percent, Asians 4.1 percent, and Hispanics 5.5 percent.
Among the unemployed, the number of people temporarily laid off fell by 190,000 to 872,000 in August.
While the number of long-term unemployed, those out of work for 27 weeks or more, remained virtually unchanged at 1.5 million people in August.
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2024-09-07 15:07:16
Table of Contents
US Economy Adds 142,000 New Jobs in August, Falling Short of Expectations
The latest jobs report from the US Bureau of Labor Statistics has revealed that the US economy added 142,000 new jobs in August, missing Wall Street analysts’ expectations of 160,000 jobs [[3]]. This news has sparked concern about the health of the US economy and puts additional pressure on the US Federal Reserve to prevent a recession.
According to the report, the unemployment rate fell slightly to 4.2 percent, down from 4.3 percent in July, which was the highest level since October 2021 [[2]]. While the number of unemployed people in the US market reached about 7.1 million people by the end of last August, a significant increase from the 6.3 million people recorded in August 2023, when unemployment reached 3.8 percent.
The jobs report, released on Friday, has been closely watched by economists and investors alike, as it provides a vital snapshot of the US economy’s performance. The news has had an immediate impact on the market, with gold prices turning higher, up 0.37 percent, after falling 0.21 percent earlier in the day [[1]].
The addition of 142,000 new jobs in August is a far cry from the 160,000 jobs that were projected by analysts. This shortfall has raised concerns about the pace of job growth in the US, particularly in light of the Federal Reserve’s efforts to stimulate the economy and prevent a recession.
The Federal Reserve has been closely monitoring the labor market, and this latest report may impact its decisions on interest rates and monetary policy. With inflation still above target, the Fed may need to reassess its strategy to address the slowing pace of job growth and keep the economy on track.
the latest jobs report from the US Bureau of Labor Statistics has revealed a mixed bag of results. While the unemployment rate has fallen, the pace of job growth has slowed, and the number of unemployed people has increased. This news adds pressure on the US Federal Reserve to take action to stimulate the economy and prevent a recession. As the economic landscape continues to evolve, investors and economists will be closely watching the Fed’s next moves.
References:
What factors contributed to the US economy adding only 142,000 new jobs in August, falling short of expectations?
US Economy Adds 142,000 New Jobs in August, Falling Short of Expectations
The latest jobs report from the US Bureau of Labor Statistics has revealed that the US economy added 142,000 new jobs in August, missing Wall Street analysts’ expectations of 160,000 jobs [[3]]. This news has sparked concern about the health of the US economy and puts additional pressure on the US Federal Reserve to prevent a recession.
According to the report, the unemployment rate fell slightly to 4.2 percent, down from 4.3 percent in July, which was the highest level since October 2021 [[2]]. While the number of unemployed people in the US market reached about 7.1 million people by the end of last August, a significant increase from the 6.3 million people recorded in August 2023, when unemployment reached 3.8 percent.
The jobs report, released on Friday, has been closely watched by economists and investors alike, as it provides a vital snapshot of the US economy’s performance. The news has had an immediate impact on the market, with gold prices turning higher, up 0.37 percent, after falling 0.21 percent earlier in the day [[1]].
The addition of 142,000 new jobs in August is a far cry from the 160,000 jobs that were projected by analysts. This shortfall has raised concerns about the pace of job growth in the US, particularly in light of the Federal Reserve’s efforts to stimulate the economy and prevent a recession.
The Federal Reserve has been closely monitoring the labor market, and this latest report may impact its decisions on interest rates and monetary policy. With inflation still above target, the Fed may need to reassess its strategy to address the slowing pace of job growth and keep the economy on track.
The latest jobs report from the US Bureau of Labor Statistics has revealed a mixed bag of results. While the unemployment rate has fallen, the pace of job growth has slowed, and the number of unemployed people has increased. This news adds pressure on the US Federal Reserve to take action to stimulate the economy and prevent a recession. As the economic landscape continues to evolve, investors and economists will be closely watching the Fed’s next moves.
Unemployment Rate and Job Growth
The unemployment rate fell to 4.2 percent in August, down from 4.3 percent in July. However, the number of unemployed people in the US market reached about 7.1 million people by the end of last August, a significant increase from the 6.3 million people recorded in August 2023.
The jobs report also showed that the pace of job growth has slowed, with only 142,000 new jobs added in August, compared to the 160,000 jobs that were projected by analysts. This slowdown in job growth has raised concerns about the health of the US economy and its ability to prevent a recession.
Market Reaction
The news has had an immediate impact on the market, with gold prices turning higher, up 0.37 percent, after falling 0.21 percent earlier in the day. The dollar index also fell 0.2 percent following the release of the jobs report.
Federal Reserve Response
The Federal Reserve has been closely monitoring the labor market, and this latest report may impact its decisions on interest rates and monetary policy. With inflation still above target, the Fed may need to reassess its strategy to address the slowing pace of job growth and keep the economy on track.
The Fed has been trying to stimulate the economy and prevent a recession, and this latest jobs report may force it to reevaluate its strategy. Investors and economists will be closely watching the Fed’s next moves, as they try to navigate the complex economic landscape.
