The result, however, was lower than the 161,000 jobs estimated by economists consulted by the “Wall Street Journal”
The US recovered slightly and created 142,000 nonfarm jobs in August. The result is higher than that recorded in July. However, it was below market expectations, which estimated the creation of 161,000 jobs, according to economists consulted by Wall Street Journal.
The construction and healthcare sectors recorded an increase, while the industrial sector lost jobs. The data was released this Friday (September 6, 2024) by BLS (Bureau of Labor Statistics). Here’s the full of the report (PDF – 251 kB, in English).
The unemployment rate in the country was 4.2%. The value is 0.1 percentage points lower than that recorded in July (4.3%).
The number of unemployed people in the country fell to 7.1 million in August. In the same period in 2023, the rate was 3.8% and the number of unemployed people was 6.3 million. The population’s direct participation in the labor force remained at 62.7%.
The average hourly wage for U.S. nonfarm workers in the private sector rose to $35.21. That represents an increase of 0.4% from July and an increase of 3.8% from August 2023.
The BLS also presented, in its August report, a review of job creation in June and July. In the first month, job creation fell from 179,000 to 118,000. In the second month, there was a drop of 25,000 jobs – from 114,000 to 89,000.
US ECONOMY
The United States GDP (Gross Domestic Product) grew 3% in the 2nd quarter of 2024. The annualized result is 1.6 percentage points higher compared to the 1st quarter, when the index advanced 1.4%.
The first GDP estimate showed growth of 2.8% for the 2nd quarter of this year. The third estimate for the period will be published on September 26.
INFLATION AND INTEREST
Annual inflation in the United States was 2.9% in July. The rate was down 0.1 percentage points from the previous month, when it was 3% over the last 12 months. Monthly inflation was 0.2%. Data for August will be published on September 11.
On July 31, the Fed (Federal Reserve, the US central bank) kept US interest rates in the range of 5.25% to 5.50% – the same level since July 2023. The monetary policy committee will meet again on September 17 and 18.
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