American Employers Added 235,000 Jobs in August, Far Below Expectations

5Mind. The Meme Platform
The Epoch Times Logo

America’s private employers added just 235,000 jobs in August, significantly undershooting market expectations and fueling speculation that the weak signal in the labor market recovery may lead the Federal Reserve to delay tapering of stimulus.

The Labor Department’s jobs report, released Sept. 3, shows that non-farm payroll employment rose by 235,000 in August, down from an upwardly revised 1.05 million jobs added in July and far below the FactSet-provided consensus forecasts of 750,000.

“With a big shortfall in jobs creation or recovery in August, it appears the Delta variant has infected the U.S. economy. Payrolls growth came in well below expectations and at the lowest level since January,” Bankrate senior economic analyst Mark Hamrick said in an emailed statement to The Epoch Times.

So far this year, non-farm job growth has averaged 586,000 per month and, while employment has risen by 17 million since April 2020, it remains down by 5.3 million, or 3.5 percent, from its pre-pandemic level in February 2020.

Other highlights of the jobs report, which is closely scrutinized by investors, include a drop in the national unemployment rate from 5.4 percent in July to 5.2 percent in August, while the total number of unemployed people edged down to 8.4 million. Also, there was no spike in temporary layoffs and the labor participation rate held steady at 61.7 percent in August.

Immediately after release of the report, the benchmark 10-year Treasury note yield surged higher, while the DXY dollar index, which tracks the greenback’s performance against a basket of rivals, plunged. Wall Street’s main indexes retreated.

Investors are looking for clues as to when the Fed will initiate the much-anticipated rollback of its massive $120 billion in monthly purchases of Treasury and mortgage securities, one of the crisis support measures the central bank deployed last year to help lift the economy from the pandemic recession.

Looming large in this context is Friday’s jobs report, as a weak print weakens the case that enough progress has been made in the labor market recovery, potentially drawing out the timeline for a Fed decision on tapering.

By Tom Ozimek

Read Original Article on TheEpochTimes.com

Contact Your Elected Officials
The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

“Melania” Movie Beats Negative Pre-Hype

My wife and I went to see the “Melania”...

Democrat Wins Show GOP Voters Are Not Motivated

Democrats won a special election in Texas, taking a State Senate seat. Democrat voters are motivated, while Republican voters are not.

The Great Voter Replacement: Understanding the Modern Democratic Party

The greatest threat to democracy is a population conditioned to stop asking questions, by the very people they should question the most.

ChatGPT: Vaccine Pimp Extraordinaire

A ChatGPT discussion on giving children a drug meant to prevent a disease largely spread through IV drug use and unprotected sex exposure risks posed

Mr. Softee’s America

We have more comfort than any generation in human history and somehow, we complain more than ever.

Police Raid Suspected Las Vegas Biolab With Possible Ties to Illegal California Lab

Authorities in Las Vegas raided a home uncovering an alleged illegal biolab possibly linked to one run by Chinese nationals in California two years ago.

Wells Fargo Follows JPMorgan in Cutting Ties With Shareholder Proxy Advisers

Wells Fargo followed JPMorgan in cutting ties with third-party proxy agents, who advise fund managers how to vote at corporate shareholder meetings. 

New SNAP Work Requirement Rules to Start Feb. 1 in Multiple States

The new work requirements to gain or continue eligibility for the federal SNAP will start being implemented in several U.S. states beginning Feb. 1.

Astronauts See Real Connection Between Space Station Work and Moon Missions

If Artemis II succeeds and a lunar lander is ready, NASA plans to land astronauts on the moon with Artemis III, targeting a 2028 launch.

US, India to Slash Tariffs Under New Trade Deal, Trump Says

The US and India have reached a trade agreement and will begin lowering tariffs on each other’s goods immediately, Trump announced

Trump Says US Starting to Talk With Cuba Following Cuts to Oil Deliveries

Trump says the U.S. has begun talks with Cuban leaders as it cuts off oil from Venezuela and threatens tariffs on countries selling fuel to the island.

What to Know About Kevin Warsh, Trump’s Nominee for Fed Chair

President Donald Trump selected former Federal Reserve Governor Kevin Warsh as the next head of the U.S. central bank.

Trump Nominates Colin McDonald as Head of New Fraud Division at Justice Department

President Trump announced Colin McDonald as head for the new national fraud enforcement division of the DOJ in a post on Truth Social.
spot_img

Related Articles