Fri Sep 06 19:17:48 UTC 2024: – America’s employers added 142,000 jobs in August, up from 89,000 in July and the unemployment rate dropped to 4.2%
– The Federal Reserve is expected to cut interest rates at its next meeting due to cooling job market
– Job market cooling under pressure of high interest rates but still growing, with businesses holding off on hiring
– Job growth has averaged 116,000 per month over the past three months, down from 211,000 a year ago
– Job gains in August were concentrated in healthcare, restaurants/hotels, and construction, with manufacturing and retail cutting jobs
– Uncertainty around presidential election and Fed’s next moves causing many companies to hold back on hiring and investments
– Fed policymakers focused on sustaining health of job market rather than fighting inflation
– Consumer spending rose in July and economy grew at solid 3% annual pace in April-June quarter.

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