US August job growth falls short of expectations
The US economy added 142,000 jobs in August 2024, and the unemployment rate dropped to 4.2% - results that are slightly below expectations, and will likely result in the Fed cutting interest rates by a quarter of a point later this month.
Most job gains came in construction and health care. Manufacturing employment was down.
The number of long-term unemployed persons remained at 1.5 million, and the labor force participation rate was little changed at 62.7%.
After the report was released on Friday, the S&P 500, Dow and Nasdaq all plummeted.
The University of Michigan Consumer Sentiment Index was revised higher to 67.9/100 in August, but missed expectations of 68.
How will shoulder-season travel and holiday-season shopping be affected by the latest jobs results? Stay tuned.
