The August employment report was somewhat weaker than expected, depicting a slowing labor market.
The economy created 142,000 jobs in August, significantly below expectations of 160,000 jobs. In the larger picture, job creation is definitively slowing.
Data from other reports reflect similar weaknesses, such as the JOLTS report, which indicated job openings fell –3.0% month-over-month in July, and have declined a total of –12.9% over the past year.
The reports depict a slowing labor market, without a doubt. Along with cooling inflation, it sets up a Fed rate cut of 0.25% (25 basis points) in September, most likely following by additional rate cuts at the last two meetings of this year.
To read Dan's full report, click on the link below and download the PDF
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