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.