US economy Added 142,000 Jobs in August, Missing Expectations

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September 6, 2024

Native born Americans lost over 1.3 million jobs. Foreigners gained over 600,00 jobs.

The US economy added a weaker-than-expected 142,000 jobs in August, according to the latest report from the Bureau of Labor Statistics. The report also revised down previous estimates for new job creation in July and June.

Following the report, bond traders raised the odds of the Federal Reserve cutting interest rates by a more aggressive half-point at its September meeting. Expectations previously centered on a quarter-point cut.

The unemployment rate ticked down to 4.2% in August from 4.3% in July.

Holy shit:
Foreign-born workers: +635K in August
Native-born workers: -1.325 MILLION in August

Yes, 1.3 million NATIVE-BORN Americans lost a job in August pic.twitter.com/7EC3H1KH5Y
— zerohedge (@zerohedge) September 6, 2024

Economists had predicted the economy would add 160,000 jobs in August, according to FactSet’s consensus. Meanwhile, the unemployment rate had been forecast to drop to 4.2%.

August Jobs Report Key Stats

Total nonfarm payrolls increased by 142,000 versus a downward-revised 89,000 in July.
The unemployment rate edged down to 4.2% from 4.3% in July.
Average hourly wages rose by 0.4% to $35.21 after rising 0.2% in July.

In August, average hourly wages climbed by 14 cents, or 0.4%, to $35.21. Over the past 12 months, average hourly earnings have increased by 3.8%.

The average workweek for all employees on private nonfarm payrolls increased to 34.3 hours in August from 34.2 hours in July. For manufacturing employees, the average workweek increased to 40.1 hours in August, and overtime grew to 3.1 hours. For production and nonsupervisory employees, the average workweek extended to 33.8 hours from 33.7 the prior month.

Two stats are everything you need to know about the August jobs report:

Jobs for native born Americans over the last year: -1.3 million
Jobs for foreign-born workers over the last year: +2 million

Full time jobs: -438,000
Part times jobs: +527,000
— Greg Price (@greg_price11) September 6, 2024