In the story of continued weakness in the US economy, the data from the Bureau of Labor Statistics released Friday 6th September 2024 showed the labor market added 142,000 nonfarm payroll jobs in August, fewer additions than the 165,000 expected by economists.
The unemployment rate dropped to 4.2% in August, down from 4.3% in July. Job gains for the month exceeded the revised 89,000 jobs added in July. However, revised labor reports for June and July revealed that 86,000 fewer jobs were added than initially reported.
Wage growth, a key indicator of inflationary pressure, rose to 3.8% year-over-year, up from 3.6% in July. On a monthly basis, wages increased by 0.4%, compared to 0.2% the previous month.
The labor fo ...
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