US Adds 142,000 Jobs in August
Summary from the AllSides News Team
Following the July jobs report, which reported the highest unemployment rates since 2021, August’s report shows a rebound, but still hovers below expectations.
The Details: The U.S. Bureau of Labor Statistics released the August employment report Friday, showing total nonfarm employment increasing by 142,000. This, however, comes below the expected 165,000 payroll growth number forecast by Bloomberg (Lean Left Bias). The unemployment rate fell from 4.3% to 4.2%.
For Context: With the 2024 presidential election looming in November, the economy is one of the most important factors for voters. The lower-than-expected growth seems to assure Federal Reserve rate cuts on November 18.
Key Quote: Chris Larkin, managing director of trading and investing at E*Trade from Morgan Stanley, said “A softer-than-expected jobs report may support those in favor of a 0.5% rate cut on September 18, but the jury is likely still out”.
How the Media Covered It: Media across the political spectrum covered the developments, with slight differences in focus. Outlets on the left, like the Guardian (Lean Left Bias), highlighted expected rate cuts more than outlets on the right such as Fox Business (Lean Right Bias), which tended to speak more on the report “missing expectations”.
Featured Coverage of this Story
From the Right
US economy added 142,000 jobs in August, missing expectations
U.S. job growth picked up in August but missed economists' expectations, while the unemployment rate was little changed.
The U.S. Department of Labor on Friday reported that employers added 142,000 jobs in August, compared to the 160,000 gain that was projected by LSEG economists.
The unemployment rate also dipped slightly to 4.2%, in line with expectations, after it had unexpectedly risen to 4.3% in July, which was the highest level for the jobless rate since October 2021.
From the Center
Employers Added 142,000 Jobs, Missing Expectations, Though Unemployment Ticked Down
U.S. job growth rebounded in August from levels that were softer than initially reported this summer, leaving the Federal Reserve on track to begin a series of rate cuts when officials meet later this month.
The economy added 142,000 jobs, according to the Labor Department, an uptick from July data that sparked slowdown fears and jarred global financial markets. The unemployment rate in August ticked lower to 4.2%.
From the Left
US economy adds 142,000 jobs in August as Fed plans to cut interest rates
US employers added 142,000 jobs last month, the labor department announced on Friday, in one of the year’s most closely watched economic news releases.
The release comes as the US Federal Reserve prepares to cut interest rates for the first time since March 2020, and November’s election puts a spotlight on the state of the US economy.
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