US labor market weakening, with 99k new jobs in August and 75,891 layoff announcements

From Investing.com: 2024-09-13 08:53:00

The US labor market is weakening, with just 99k net new jobs created in August, far below the projected 140k. Employers announced 75,891 layoffs last month, a 193% increase from July, excluding pandemic cuts. Job cuts are steadily rising, though hiring plans are down 41% from last year. The NFP report showed 142k new jobs in August, with significant downward revisions, signaling slower growth. The Fed is considering rate cuts due to the weaker data, with a Fed governor suggesting a series of reductions may be necessary. This comes as the economy faces challenges like slowing loan demand and a record debt to GDP ratio.



Read more at Investing.com: Recession Now or Stagflation Forever? Place Your Bets