2023-09-01 13:00:49
The unemployment rate rose unexpectedly in the United States last month, to the highest in a year and a half. Job creations, on the other hand, exceeded expectations.
These are contrasting data that delivered this Friday the U.S. Department of Labor employment report. On the one hand, the unemployment rate rose to 3,8%its highest level since February 2022, and much more than what economists expected, i.e. stagnation at the very low level of 3.5%.
On the other hand, the number of job creations has exceeded expectations, emphasizing the fact that the job market remains very solid on the other side of the Atlantic. Indeed, 187,000 jobs have been created in August, against 170,000 expected. The July figure, for its part, has been revised downwards from 187,000 to only 157,000 jobs created, the lowest since 2020.
Following this publication which shows that the American economy could well be in the process of landing soft, after the figures of the GDP of Wednesday, the markets were delighted.
Around 3 p.m., the US dollar fell sharply against the euro
while bond yields slackened and that the stock market indices of Wall Street, the Nasdaq
and the Dow Jones
opened sharply higher as investors seemed to expect fewer rate hikes than expected from the US Federal Reserve (Fed).
Wage increases slow
The average hourly wage, for its part, slowed to 0.2% in August after 0.4% in July, which brings its growth over one year to 4.3%less than the 4.4% expected by economists, which could also be a sign that inflationary pressures are easing, boding well for the next Fed meeting to be held in a few weeks.
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