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Jobs Report: U.S. Adds Fewer Jobs Than Expected in August
A weaker-than-expected August jobs report has all but cemented the possibility of a second interest rate cut. The report comes at a time when trade tensions, slowing global growth and overall uncertainty keep investors on edge.
Total nonfarm payroll employment rose by 130,000 in August, and the unemployment rate was unchanged at 3.7%, according to the U.S. Bureau of Labor Statistics. July’s employment figure was revised to 159,000, down from the 164,000 positions previously reported. The retail sector lost 11,000 jobs during the month. Retail payrolls fell for the seventh consecutive month, the longest losing streak since 2009.
The number of open U.S. jobs slipped 0.4% in July, while hires climbed slightly. Job openings reached a peak of 7.6 million in November 2018, but have fallen by about 400,000 since then. This is the second consecutive month that job openings have declined.
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- ◦Economy
