English
US economy adds 142,000 jobs in August, less than expected
The monthly US employment report issued by the Bureau of Labor Statistics showed that the US economy added fewer jobs than expected in August, in addition to a decline in the unemployment rate and recording a lower percentage than the previous reading, with average hourly wages increasing annually and monthly compared to the previous reading and expectations as well.
The US economy in the private sector added 142,000 jobs in August, while the previous reading recorded 89,000 after the adjustment, while experts expected the addition of 164,000 jobs.
On the other hand, the US unemployment rate recorded 4.2% in August, less than the previous reading of 4.3%.
The average hourly wages recorded 0.4% on a monthly basis in August, higher than experts’ expectations of 0.3%.
As for the annual basis, the average wages recorded 3.8%, higher than experts’ expectations, who expected an increase of only 3.7%, while the previous reading was 3.6%.
In conjunction with Friday’s report, there is debate about how much the Federal Reserve will cut interest rates at its meeting later this month. In a speech in late August, Fed Chairman Jerome Powell said the central bank “neither seeks nor welcomes further slowdowns in labor market conditions.”
There were further signs of a slowdown in the labor market earlier in the week. Data on Thursday showed that U.S. private sector employers hired the fewest workers in 3 1/2 years in August, while the number of Americans filing new claims for unemployment benefits fell last week. According to the monthly ADP report, the U.S. private sector added 99,000 jobs in August, the slowest pace of job growth since January 2021.
