Much-Anticipated Jobs Report a Bit Weaker Than Expected

Employers added 142K jobs in August, fewer than forecast, but that's up from July
By John Johnson,  Newser Staff
Posted Sep 6, 2024 7:58 AM CDT
Much-Anticipated Jobs Report a Bit Weaker Than Expected
A hiring sign is displayed at a restaurant in Mount Prospect, Illinois.   (AP Photo/Nam Y. Huh)

One of the most anticipated jobs reports in years is out, and it's a mix of good and bad news. One big takeaway is that the data keeps the Federal Reserve on track to cut interest rates later this month, though the size of the potential cut isn't any clearer, reports the Wall Street Journal.

  • Jobs: Employers added 142,000 jobs in August, below expectations of about 161,000, reports CNBC. The figure, however, represents a rebound from July's unexpectedly low figure of 114,000, per the Washington Post. All in all, the numbers suggest the nation's once-sizzling labor market continues to cool "but remains sturdy," per the AP.
  • Rate: The unemployment rate declined slightly from 4.3% to 4.2%, as expected.
  • Markets: Dow futures were down about 50 points in the immediate wake of the report's release, suggesting investors aren't thrilled. However, they were down even more, about 130 points, just ahead of the report's release, suggesting investors aren't too disappointed, either. Or at least that they need more time to digest the data.

  • The Fed: The central bank meets Sept. 17-18, and investors expect a cut of either a quarter-point or a half-point. Friday's jobs numbers provided no real clarification on which one has better odds, per the Journal.
(More jobs report stories.)

Get breaking news in your inbox.
What you need to know, as soon as we know it.
Sign up
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X