The Unemployment Rate Rises To 3.7 In August Jobs Moderate At 315 Thousand

Mario Tama/Getty Images News The number of nonfarm jobs added to the U.S. economy in August fell from an unusually strong number in July, and the jobless rate rose unexpectedly as more people entered the labor force, the U.S. Labor Department reported on Friday. August non-farm payrolls: +315K vs. +293K expected and +526K prior (revised from +528K). Unemployment rate 3.7% vs. 3.5% expected and 3.5% in July. The labor force participation rate, which has remained stubbornly below pre-pandemic levels, rose 0.3 percentage points to 62.4%. That’s still a full percentage point below the level in February 2020. About 523,000 people not in the labor force said they can’t look for work because of the pandemic. “The recovery in labor force participation is an encouraging sign that there are still workers available and ready to join from the sidelines, easing some pressure on the labor market,” said Glassdoor senior economist Daniel Zhao. Average hourly earnings for private nonfarm payroll workers rose 0.3% in August to $32.36, up 5.2% from a year earlier. “The labor report was flat, on the surface. The increase in the unemployment rate to 3.7% from 3.5% was due to them reentering the labor force, as noted in the household survey,” Michael Kramer, founder of Mott Capital. Management told Seeking Alpha. “Overall this report appears to be much stronger than it appears at first glance. With strong gains across the household survey and rising labor force participation.” While the unemployment rate rose and the number of jobs added in August moderated from July, the changes are unlikely to deter the Federal Reserve from its aggressive pace of rate hikes. “Given current labor dynamics, this report underscores calls for a 75 basis point increase in the policy rate to a range between 3% and 3.25%,” said RSM’s chief US economist Joseph Brusuelas. Bankrate senior economist Mark Hamrick agrees with Brusuelas. “The Federal Reserve takes a look at the August jobs numbers, along with the recently reported number of jobs that topped 11 million (vs. 6 million unemployed) and sees the labor market as still hot, even if the unemployment rate has now up from the recent low,” he said. However, the probability of a 75bp rate hike has fallen to 62.0% in the CME FedWatch tool, down from a 75.0% probability on Thursday. Equity markets are buoyed by the news. S&P futures rise 0.8%, Nasdaq futures +0.9% and Dow futures +0.6%. The 10-year Treasury yield jumped 15 basis points to 3.29%, while the 2-year yield was up 4 bps at 3.48% at ~8:50 AM. ET. The biggest gains in the month were in professional and business services (+68K), health care (+48K) and retail (+44K). Leisure and hospitality employment rose by 31,000, down from average monthly gains of 90,000 in the first seven months of the year. The change in total nonfarm payroll employment for June was revised down by 105k to 293k from 398k. The July price was revised down by 2K to 526K from 528K. Glassdoor’s Zhao said: “Job gains have been strong, the labor force participation rate has risen and despite a slight rise in unemployment, the labor market still has some gas in its tank as the Fed tries to come in for a dovish landing”. On Thursday, the US dollar rose to a 20-year high after stronger-than-expected economic data

title: “The Unemployment Rate Rises To 3.7 In August Jobs Moderate At 315 Thousand Klmat” ShowToc: true date: “2022-11-24” author: “Richard Delgado”

Mario Tama/Getty Images News The number of nonfarm jobs added to the U.S. economy in August fell from an unusually strong number in July, and the jobless rate rose unexpectedly as more people entered the labor force, the U.S. Labor Department reported on Friday. August non-farm payrolls: +315K vs. +293K expected and +526K prior (revised from +528K). Unemployment rate 3.7% vs. 3.5% expected and 3.5% in July. The labor force participation rate, which has remained stubbornly below pre-pandemic levels, rose 0.3 percentage points to 62.4%. That’s still a full percentage point below the level in February 2020. About 523,000 people not in the labor force said they can’t look for work because of the pandemic. “The recovery in labor force participation is an encouraging sign that there are still workers available and ready to join from the sidelines, easing some pressure on the labor market,” said Glassdoor senior economist Daniel Zhao. Average hourly earnings for private nonfarm payroll workers rose 0.3% in August to $32.36, up 5.2% from a year earlier. “The labor report was flat, on the surface. The increase in the unemployment rate to 3.7% from 3.5% was due to them reentering the labor force, as noted in the household survey,” Michael Kramer, founder of Mott Capital. Management told Seeking Alpha. “Overall this report appears to be much stronger than it appears at first glance. With strong gains across the household survey and rising labor force participation.” While the unemployment rate rose and the number of jobs added in August moderated from July, the changes are unlikely to deter the Federal Reserve from its aggressive pace of rate hikes. “Given current labor dynamics, this report underscores calls for a 75 basis point increase in the policy rate to a range between 3% and 3.25%,” said RSM’s chief US economist Joseph Brusuelas. Bankrate senior economist Mark Hamrick agrees with Brusuelas. “The Federal Reserve takes a look at the August jobs numbers, along with the recently reported number of jobs that topped 11 million (vs. 6 million unemployed) and sees the labor market as still hot, even if the unemployment rate has now up from the recent low,” he said. However, the probability of a 75bp rate hike has fallen to 62.0% in the CME FedWatch tool, down from a 75.0% probability on Thursday. Equity markets are buoyed by the news. S&P futures rise 0.8%, Nasdaq futures +0.9% and Dow futures +0.6%. The 10-year Treasury yield jumped 15 basis points to 3.29%, while the 2-year yield was up 4 bps at 3.48% at ~8:50 AM. ET. The biggest gains in the month were in professional and business services (+68K), health care (+48K) and retail (+44K). Leisure and hospitality employment rose by 31,000, down from average monthly gains of 90,000 in the first seven months of the year. The change in total nonfarm payroll employment for June was revised down by 105k to 293k from 398k. The July price was revised down by 2K to 526K from 528K. Glassdoor’s Zhao said: “Job gains have been strong, the labor force participation rate has risen and despite a slight rise in unemployment, the labor market still has some gas in its tank as the Fed tries to come in for a dovish landing”. On Thursday, the US dollar rose to a 20-year high after stronger-than-expected economic data

title: “The Unemployment Rate Rises To 3.7 In August Jobs Moderate At 315 Thousand Klmat” ShowToc: true date: “2022-11-29” author: “Caroline Seibold”

Mario Tama/Getty Images News The number of nonfarm jobs added to the U.S. economy in August fell from an unusually strong number in July, and the jobless rate rose unexpectedly as more people entered the labor force, the U.S. Labor Department reported on Friday. August non-farm payrolls: +315K vs. +293K expected and +526K prior (revised from +528K). Unemployment rate 3.7% vs. 3.5% expected and 3.5% in July. The labor force participation rate, which has remained stubbornly below pre-pandemic levels, rose 0.3 percentage points to 62.4%. That’s still a full percentage point below the level in February 2020. About 523,000 people not in the labor force said they can’t look for work because of the pandemic. “The recovery in labor force participation is an encouraging sign that there are still workers available and ready to join from the sidelines, easing some pressure on the labor market,” said Glassdoor senior economist Daniel Zhao. Average hourly earnings for private nonfarm payroll workers rose 0.3% in August to $32.36, up 5.2% from a year earlier. “The labor report was flat, on the surface. The increase in the unemployment rate to 3.7% from 3.5% was due to them reentering the labor force, as noted in the household survey,” Michael Kramer, founder of Mott Capital. Management told Seeking Alpha. “Overall this report appears to be much stronger than it appears at first glance. With strong gains across the household survey and rising labor force participation.” While the unemployment rate rose and the number of jobs added in August moderated from July, the changes are unlikely to deter the Federal Reserve from its aggressive pace of rate hikes. “Given current labor dynamics, this report underscores calls for a 75 basis point increase in the policy rate to a range between 3% and 3.25%,” said RSM’s chief US economist Joseph Brusuelas. Bankrate senior economist Mark Hamrick agrees with Brusuelas. “The Federal Reserve takes a look at the August jobs numbers, along with the recently reported number of jobs that topped 11 million (vs. 6 million unemployed) and sees the labor market as still hot, even if the unemployment rate has now up from the recent low,” he said. However, the probability of a 75bp rate hike has fallen to 62.0% in the CME FedWatch tool, down from a 75.0% probability on Thursday. Equity markets are buoyed by the news. S&P futures rise 0.8%, Nasdaq futures +0.9% and Dow futures +0.6%. The 10-year Treasury yield jumped 15 basis points to 3.29%, while the 2-year yield was up 4 bps at 3.48% at ~8:50 AM. ET. The biggest gains in the month were in professional and business services (+68K), health care (+48K) and retail (+44K). Leisure and hospitality employment rose by 31,000, down from average monthly gains of 90,000 in the first seven months of the year. The change in total nonfarm payroll employment for June was revised down by 105k to 293k from 398k. The July price was revised down by 2K to 526K from 528K. Glassdoor’s Zhao said: “Job gains have been strong, the labor force participation rate has risen and despite a slight rise in unemployment, the labor market still has some gas in its tank as the Fed tries to come in for a dovish landing”. On Thursday, the US dollar rose to a 20-year high after stronger-than-expected economic data

title: “The Unemployment Rate Rises To 3.7 In August Jobs Moderate At 315 Thousand Klmat” ShowToc: true date: “2022-12-13” author: “Kathleen Hosick”

Mario Tama/Getty Images News The number of nonfarm jobs added to the U.S. economy in August fell from an unusually strong number in July, and the jobless rate rose unexpectedly as more people entered the labor force, the U.S. Labor Department reported on Friday. August non-farm payrolls: +315K vs. +293K expected and +526K prior (revised from +528K). Unemployment rate 3.7% vs. 3.5% expected and 3.5% in July. The labor force participation rate, which has remained stubbornly below pre-pandemic levels, rose 0.3 percentage points to 62.4%. That’s still a full percentage point below the level in February 2020. About 523,000 people not in the labor force said they can’t look for work because of the pandemic. “The recovery in labor force participation is an encouraging sign that there are still workers available and ready to join from the sidelines, easing some pressure on the labor market,” said Glassdoor senior economist Daniel Zhao. Average hourly earnings for private nonfarm payroll workers rose 0.3% in August to $32.36, up 5.2% from a year earlier. “The labor report was flat, on the surface. The increase in the unemployment rate to 3.7% from 3.5% was due to them reentering the labor force, as noted in the household survey,” Michael Kramer, founder of Mott Capital. Management told Seeking Alpha. “Overall this report appears to be much stronger than it appears at first glance. With strong gains across the household survey and rising labor force participation.” While the unemployment rate rose and the number of jobs added in August moderated from July, the changes are unlikely to deter the Federal Reserve from its aggressive pace of rate hikes. “Given current labor dynamics, this report underscores calls for a 75 basis point increase in the policy rate to a range between 3% and 3.25%,” said RSM’s chief US economist Joseph Brusuelas. Bankrate senior economist Mark Hamrick agrees with Brusuelas. “The Federal Reserve takes a look at the August jobs numbers, along with the recently reported number of jobs that topped 11 million (vs. 6 million unemployed) and sees the labor market as still hot, even if the unemployment rate has now up from the recent low,” he said. However, the probability of a 75bp rate hike has fallen to 62.0% in the CME FedWatch tool, down from a 75.0% probability on Thursday. Equity markets are buoyed by the news. S&P futures rise 0.8%, Nasdaq futures +0.9% and Dow futures +0.6%. The 10-year Treasury yield jumped 15 basis points to 3.29%, while the 2-year yield was up 4 bps at 3.48% at ~8:50 AM. ET. The biggest gains in the month were in professional and business services (+68K), health care (+48K) and retail (+44K). Leisure and hospitality employment rose by 31,000, down from average monthly gains of 90,000 in the first seven months of the year. The change in total nonfarm payroll employment for June was revised down by 105k to 293k from 398k. The July price was revised down by 2K to 526K from 528K. Glassdoor’s Zhao said: “Job gains have been strong, the labor force participation rate has risen and despite a slight rise in unemployment, the labor market still has some gas in its tank as the Fed tries to come in for a dovish landing”. On Thursday, the US dollar rose to a 20-year high after stronger-than-expected economic data