No. of Recommendations: 5
edition.cnn.com - US jobs report august finalJob growth slowed to a crawl in August, and the unemployment rate rose to its highest level in nearly four years, indicating the US labor market is growing stagnant.
The economy added just 22,000 jobs last month and the unemployment rate rose to 4.3% from 4.2%, according to the Bureau of Labor Statistics.
August’s job report also included a downward revision to June, which showed the US economy lost 13,000 jobs that month. It’s the first negative employment month since December 2020, and it brings to an end what was the second-longest period of employment expansion on record.
July’s job gains were revised up slightly to 79,000 from 73,000, according to the report.
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I'm guessing that, perversly, the stock market will be cheered by the news because it will add pressure to the Fed to cut interest rates this month. (and the market may drop on the day the cut takes place (buy on the rumor, sell on the news)
Jeff
