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On Friday, the U.S. Bureau of Labor Statistics released the long-awaited employment report That may be so One of the most important One of the best economic news stories of the year. The report gives employment figures that are important for the interest rate decision the Federal Reserve makes when it meets on Sept. 18. Late this month.
Economists had expected U.S. employers to add 20,000 more jobs than reported in August, while the number of unemployed people remains 800,000 higher than a year ago.
Wall Street Predictions 160,000 new jobs It was added to the market in August and some analysts 163,000 new jobsThe number tracked by the BLS report was 142,000, below expectations. Construction and health care added the most jobs, with those two fields adding 34,000 and 31,000 jobs, respectively.
The unemployment rate currently stands at 4.2%, higher than 3.8% at this time last year but lower than 4.3% in July. Best Since October 2021. The number of unemployed people increased from 6.3 million to 7.1 million from August 2023 to last month, an increase of 800,000.
Federal Reserve Chairman Jerome Powell. Photo by David Paul Morris/Bloomberg via Getty Images
Related: CPI Report: Inflation at 3-year low, analysts predict Fed to cut rates next month
Average hourly wages for private sector employees rose 14 cents from July to August, averaging $35.21.
“The report confirms that the labour market has not crashed,” said Lydia Boussour, a senior economist at EY. Entrepreneur“The consensus will probably lean towards a planned 25bps,” he added. [0.25%] We will cut interest rates on September 18th and continue to ease steadily thereafter.”
It is also worth noting that the BLS revised its employment figures by 818,000 for April 2023 through March 2024, the largest revision by the BLS. Since 2009The revisions signal a “significant moderation in hiring,” Boussour said.
in A speech given last month in Jackson Hole, WyomingFederal Reserve Chairman Jerome Powell said the “time has come for a policy adjustment” to address the weakening labor market, suggesting the Fed is considering it. Lowering the Federal Funds RateThat rate influences interest rates on everything from credit cards to mortgages.
Related: Fears of a US recession are “overblown,” according to EY’s chief economist. Here’s why.
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