{"id":211437,"date":"2024-09-06T09:30:00","date_gmt":"2024-09-06T13:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=211437"},"modified":"2024-09-09T03:47:32","modified_gmt":"2024-09-09T07:47:32","slug":"job-creation-falls-short-of-expectations-in-august-unemployment-rate-ticks-lower-wage-growth-soars","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/job-creation-falls-short-of-expectations-in-august-unemployment-rate-ticks-lower-wage-growth-soars\/","title":{"rendered":"Job Creation Falls Short Of Expectations In August, Unemployment Rate Ticks Lower, Wage Growth Soars"},"content":{"rendered":"\n<p>Signs of a cooling U.S. labor market eased in the government&#8217;s Friday August jobs report, tempering recession fears that had intensified in July&nbsp;<a href=\"https:\/\/www.benzinga.com\/economics\/macro-economic-events\/24\/09\/40728795\/private-employment-grows-by-99-000-in-august-sharply-misses-forecasts-of-140-000-\" target=\"_blank\" rel=\"noreferrer noopener\">and earlier this week<\/a>.<\/p>\n\n\n\n<p>In August, the U.S. economy added 142,000 nonfarm payrolls, signaling a sharp improvement from July\u2019s downwardly revised 89,000.<\/p>\n\n\n\n<p>The 142,000 increase in nonfarm payrolls fell short of the 160,000 consensus estimate tracked by TradingEconomics, highlighted weaker-than-expected job acceleration during the month.<\/p>\n\n\n\n<p>Before the release of the August jobs report, traders priced in a 43% probability of a 50-basis-point interest rate cut by the Federal Reserve later this month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-august-employment-situation-key-highlights\">August Employment Situation: Key Highlights<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The unemployment rate softened from 4.3% to 4.2%, matching expectations of a slight decline.<\/li>\n\n\n\n<li>Wage growth showed some upward pressure. Average hourly earnings rose 0.7% month-over-month, up from a downwardly revised contraction of 0.1% in July and surpassing estimates of 0.3%.<\/li>\n\n\n\n<li>On a year-over-year basis, average hourly earnings rose 3.8%, compared to 3.6% in July and above expectations of 3.7%.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th>August 2024<\/th><th>Consensus<\/th><th>July 2024<\/th><\/tr><\/thead><tbody><tr><td>Nonfarm payrolls<\/td><td>142,000<\/td><td>160,000<\/td><td>89,000<br>(downwardly revised from 114,000)<\/td><\/tr><tr><td>Unemployment rate<\/td><td>4.2%<\/td><td>4.2%<\/td><td>4.3%<\/td><\/tr><tr><td>Average hourly earnings (m\/m)<\/td><td>0.7%<\/td><td>0.3%<\/td><td>-0.1% (downwardly revised from 0.2%)<\/td><\/tr><tr><td>Average hourly earnings (y\/y)<\/td><td>3.8%<\/td><td>3.7%<\/td><td>3.6%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted September 6, 2024 &#8211; <a href=\"https:\/\/www.benzinga.com\/economics\/macro-economic-events\/24\/09\/40748557\/job-creation-falls-short-of-expectations-in-august-unemployment-rate-ticks-lower-\">Job Creation Falls Short Of Expectations In August, Unemployment Rate Ticks Lower, Wage Growth Soars<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Signs of a cooling U.S. labor market eased in the government&#8217;s Friday August jobs report, tempering recession fears that had intensified in July and earlier this week.<\/p>\n","protected":false},"author":1128,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[1685,2074,12507],"contributors-categories":[13584],"class_list":{"0":"post-211437","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-macro","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-text-articles","11":"category-traders-insight","12":"tag-macro","13":"tag-unemployment-rate","14":"tag-wage-growth","15":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Job Creation Falls Short Of Expectations In 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