Here's the Breakdown for US August Nonfarm Payrolls, in One Chart

In One Chart joined discussion · Sep 6 21:18

In August 2024, the US economy saw an addition of 142,000 jobs, surpassing the revised figure of 89,000 from July, yet falling short of the anticipated 160,000.

Job increases were noted in several sectors: construction added 34,000 jobs; health care contributed 31,000, with ambulatory health care services accounting for 24,000 of those; government roles increased by 24,000; and social assistance jobs grew by 13,000.

On the other hand, the manufacturing sector experienced a decline, losing 24,000 jobs, primarily due to a 25,000 job drop in durable goods industries.

The job growth in August aligned with the average of recent months, yet it was below the prior 12-month average monthly gain of 202,000. Additionally, job figures for July and June were revised downwards by 25,000 and 61,000 respectively.

The number is already low enough to allow the Fed to cut interest rates, but not so low as to cause a recession panic.

Carl Weinberg, chief economist at High Frequency Economics, stated, “Based on the data we are seeing, I cannot envision anything that would prompt the Fed to implement what I would describe as a panicked 50 basis point rate cut.”

Stock futures are flat on jobs report.