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The U.S. added a moderate number of non-farm jobs in August, with the unemployment rate rising to its highest level since 2021.
BlockBeats News, September 5th: The significant slowdown in US August employment growth pushed the unemployment rate to its highest level since 2021, raising concerns that the labor market may be undergoing a more severe deterioration.
The report released by the US Bureau of Labor Statistics on Friday showed that nonfarm payrolls increased by 22,000 in August. Revised data indicated a contraction in employment in June, marking the first decline in employment since 2020. Following the shocking report in July, this data could exacerbate concerns about the persistence of the job market.
In recent months, employment growth has slowed significantly, job vacancies have decreased, and wage growth has moderated, all putting pressure on broader economic activity. Traders continue to bet that the Federal Reserve will cut interest rates at its September meeting. Policymakers will also see the latest CPI report before the meeting. (FX Street)
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