Jobs Report Insights: U.S. Adds 142,000 Payrolls in August, Unemployment Rate Falls, and Fed's Waller Advocates for Rate Cuts

Friday, 6 September 2024, 13:57

Jobs report today reveals that the U.S. added 142,000 payrolls in August, with unemployment ticking down to 4.2%. Fed's Waller advocates for future rate cuts.
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Jobs Report Insights: U.S. Adds 142,000 Payrolls in August, Unemployment Rate Falls, and Fed's Waller Advocates for Rate Cuts

Market Performance Overview

The U.S. labor market has shown signs of softening without significant deterioration, as indicated by Federal Reserve Governor Christopher Waller following the release of the August jobs data.

Key Job Data Highlights

  • 142,000 nonfarm payrolls were added in August, a rise from the revised 89,000 jobs in July.
  • Unemployment rate fell to 4.2%.

Federal Reserve Insights

Waller expressed optimism about the labor market during a speech at the University of Notre Dame, stating that the jobs report aligns with a longer-term trend of steady economic activity growth.

Future Rate Cuts Anticipated

He emphasized the necessity of Fed rate cuts to maintain the economy's trajectory towards a soft landing. This shift towards easing interest rates indicates a focus on employment over inflation.

  • Waller noted potential causes of rising unemployment are related to an inflow of workers rather than job losses.
  • The shift in focus highlights a more supply-side driven employment scenario.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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