📉 U.S. Jobs Report: Growth Slows, Pressure on Fed Builds

August’s jobs data is in—and it’s weaker than expected. The U.S. economy added just 22,000 nonfarm payroll jobs, far below the 75,000 forecast, while the unemployment rate held at 4.3%, its highest level since 2021. This marks the fourth straight month of sluggish hiring, signaling that the labor market is steadily cooling.

Private payrolls also came in soft, with only 54,000 jobs added, while job cuts surged by nearly 86,000 in August, the highest for the month since the pandemic. For the first time, the number of unemployed workers has outpaced available job openings—highlighting a significant shift in labor demand.

Markets are already reacting. Investors now price in a near certainty—a 97% chance—that the Federal Reserve will deliver a quarter-point rate cut on September 17. With wages flat and job growth stalling, all eyes are on the Fed’s next move as the U.S. economy shows fresh signs of strain.

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