US job growth misses expectations in July; unemployment rate rises to 4.3%
==========
US job growth in July falls short of expectations, with non-farm payrolls increasing by 114,000 jobs, compared to the forecasted 175,000. The unemployment rate rises to 4.3%, marking the fourth consecutive monthly increase. The slowdown in job growth and rising unemployment rate raise concerns about the health of the labor market and the potential vulnerability of the economy to a recession. The Federal Reserve's interest rate hikes are dampening demand, leading to low hiring. Hurricane Beryl, which caused power outages in Texas and affected parts of Louisiana, likely contributed to the below-expectations job gains. Average hourly earnings rose 0.2% in July, with a 3.6% year-on-year increase, the smallest gain since May 2021. Despite wage growth remaining above the Fed's inflation target, the employment report supports the case for a September rate cut. The article does not provide any additional information beyond the US job market and economic indicators.
#UsJobGrowth #UnemploymentRate #LaborMarket #Economy #Recession #FederalReserve #InterestRateHikes #WageGrowth #Inflation #RateCut
https://theedgemalaysia.com/node/721536
The Edge Malaysia /
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2024-08-02 13:31:28
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npub15q3n6g46fstp0h7wemjzwkh9jy6akndzdzk2sz8q0hwgvz6sfe3srt0mcvPublished at
2024-08-02 13:31:28Event JSON
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"content": "US job growth misses expectations in July; unemployment rate rises to 4.3%\n==========\n\nUS job growth in July falls short of expectations, with non-farm payrolls increasing by 114,000 jobs, compared to the forecasted 175,000. The unemployment rate rises to 4.3%, marking the fourth consecutive monthly increase. The slowdown in job growth and rising unemployment rate raise concerns about the health of the labor market and the potential vulnerability of the economy to a recession. The Federal Reserve's interest rate hikes are dampening demand, leading to low hiring. Hurricane Beryl, which caused power outages in Texas and affected parts of Louisiana, likely contributed to the below-expectations job gains. Average hourly earnings rose 0.2% in July, with a 3.6% year-on-year increase, the smallest gain since May 2021. Despite wage growth remaining above the Fed's inflation target, the employment report supports the case for a September rate cut. The article does not provide any additional information beyond the US job market and economic indicators.\n\n#UsJobGrowth #UnemploymentRate #LaborMarket #Economy #Recession #FederalReserve #InterestRateHikes #WageGrowth #Inflation #RateCut\n\nhttps://theedgemalaysia.com/node/721536",
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