- Analytics
- News and Tools
- Market News
- US: August jobs rise fall short of expectations – UOB Group
US: August jobs rise fall short of expectations – UOB Group
The Aug US employment report was slightly disappointing but did not point to a dire outlook to the US labor market, UOB Group Senior Economist Alvin Liew notes.
Jobless rate improves and wage growth reaccelerates
“Job creation was below expectations at 142,000, but more damaging was the sharp downward revision to Jun/Jul numbers. Unemployment rate eased to 4.2% as unemployed numbers fell by -48,000 while participation rate stayed steady at 62.7%. Wage growth reaccelerated above forecast to 0.4% m/m, 3.8% y/y in Aug, inflation worries not yet over.”
“Job creation in the first 8 months was clearly on a moderating trend (compared to the prior three years), which also continued to feature a narrowing base of job creation among the sectors in Jul with manufacturing, retail trade and information services sectors losing jobs.”
“The headline job number while slightly disappointing, did not justify calls for a bigger rate cut, in our view, especially if we consider the improvement in unemployment rate and the pickup in wage growth. We keep to our forecast of a 25 bps Fed rate cut in Sep, but we acknowledge the balance of risk has skewed towards more and deeper cuts.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
