Here are the latest updates on the US economy adding 142,000 jobs in August:
- Job Growth: The US economy added 142,000 jobs in August.
- Unemployment Rate: The unemployment rate slightly decreased to 4.2% from 4.3% in July.
- Expectations vs. Reality: The job growth was below economists’ expectations of 160,000 jobs.
- Revised Figures: Job gains for June and July were revised downward, indicating fewer jobs were added than initially reported.
- Sector Performance: The construction sector saw an increase of 34,000 jobs, while manufacturing payrolls declined by 24,000.
- Wage Growth: Average hourly earnings for all employees on private nonfarm payrolls rose by 0.4%, bringing the annual increase to 3.8%.
- Labor Force Participation: The labor force participation rate remained steady at 62.7%.
- Long-term Unemployment: The number of long-term unemployed (jobless for 27 weeks or more) remained virtually unchanged at 1.5 million.
- Federal Reserve: The Federal Reserve is closely monitoring the labor market as it considers cutting interest rates in its upcoming meeting.
- Market Reaction: The mixed jobs report led to a negative reaction in the stock market, with stock futures and U.S. Treasury yields falling.
