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US August jobs data misses forecasts, adds to expectations Federal Reserve will cut rates again

Credit: Proactive Investors- Published on September 6, 2019
The latest US jobs data missed Wall Street forecasts on Friday, adding to expectations that the Federal Reserve will cut rates again later this month, having made their first reduction in over ten years in August. The US economy added just 130,000 new jobs in August, the smallest increase in three months, providing further...
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Video credit: Wibbitz Studio
Published on September 9, 2019 -  01:15
August Jobs Report Falls Below Expectations
August Jobs Report Falls Below Expectations. According to the U.S. Labor Department, 130,000 positions were added last month. A large portion of those positions was the hiring of census workers, which is considered a temporary role. These numbers fall short of the 150,000 jobs that had been predicted by Wall Street. More than 27,000 jobs were lost in sectors such as retail, mining, transportation and trade. This decline in added jobs is stoking the already present fear that the U.S. may be headed for a recession. Besides the trade war with China, areas like agriculture and manufacturing are struggling. Compared to last year, monthly job growth in America has also slowed. Following revisions, the U.S. is now averaging 158,000 added roles a month. In 2018, it was around 223,000 per month. The U.S. unemployment rate is still 3.7 percent, with average hourly earnings experiencing a jump of 0.4 percent

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