US Employment Report for August 2024
US hiring fell short of forecasts in August, sparking debate over Federal Reserve interest rate cuts. Unemployment rate edged down to 4.2%, first decline in five months. Job market showing signs of softening, with companies delaying expansion plans amid high borrowing costs and election uncertainty.
Key Points
- US hiring fell short of forecasts in August
- Unemployment rate edged down to 4.2%
- Job market showing signs of softening
- Companies delaying expansion plans
- Average hourly earnings rose 3.8%
Pros
- Unemployment rate edged down to 4.2%
- Labor market showing signs of improvement
- Average hourly earnings rose 3.8% from a year ago
Cons
- US hiring fell short of forecasts in August
- Job market is losing steam with some sectors experiencing job losses
- Underemployment rate rose to 7.9%