August payrolls increased by a lower-than-expected 142,000, but the unemployment rate edged down to 4.2%.
In August, payrolls grew by a less-than-expected 142,000, reflecting a slowing labor market. Despite the lower job creation, the unemployment rate ticked down to 4.2%, according to the latest report from the Bureau of Labor Statistics. This figure missed the anticipated 161,000 jobs forecast by analysts, while July’s number was revised down to 89,000.
The labor force expanded by 120,000, holding the participation rate steady at 62.7%. Notably, sectors like construction added 34,000 jobs, while manufacturing lost 24,000. Average hourly earnings rose by 0.4% for the month and 3.8% year-over-year, exceeding expectations.
These mixed signals from the August payrolls report could influence the Federal Reserve’s upcoming decision on interest rates, with markets now leaning toward a potential 0.5% rate cut.
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