According to the data from the U.S. Bureau of Labor Statistics, the unemployment rate stood at 4.3% in August.
The U.S. jobs report for August showed a lower-than-expected addition to nonfarm payrolls at 22,000.
According to data from the U.S. Bureau of Labor Statistics (BLS), the unemployment rate stood at 4.3% in August, edging up from 4.2% in July.
According to MarketWatch, Dow Jones estimates for nonfarm payrolls in August were 75,000, and the BLS report shows the job growth during the month was slower than expected in further signs of a hiring slowdown. A Thursday report showed jobless claims for the week ended August 30 stood at the highest level since June.
At 22,000, the nonfarm payroll additions in August were also significantly lower than those in July, which were revised upwards to 79,000 from 73,000, the BLS report showed. However, August additions are higher than June’s 14,000.
The BLS jobs report also revealed that while health care and social assistance continued to trend up in payroll additions, the federal government jobs continued to decline.
The unemployment rate climbed in August, continuing the upward movement observed in July, when it edged up to 4.2% from 4.1% in June.
People who currently want a job but don’t have one stood at 6.4 million in August, up from 6.18 million in July, and 6.03 million in June.
Among the unemployed, the number of new entrants decreased by 199,000 in August to 786,000. New entrants are unemployed people who are looking for their first job.
Meanwhile, U.S. equities gained in Friday’s pre-market trading session. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.25%, while the Invesco QQQ Trust (QQQ) rose 0.71%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.
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