The U.S. added 235,000 jobs in August, well below consensus. What's next from the Fed?
Having said all that, remember, this is just one month of data. One month or one report is never a trend. Jobs growth is averaging a healthy 766,000 a month since June, even with today’s disappointing number factored in.
Also, you can’t overlook that the overall unemployment rate fell to 5.2% from 5.4% the previous month. That’s the lowest since Covid began. Sometimes, drops in the unemployment rate can reflect discouraged workers leaving the labor force and no longer being counted as unemployed, but that wasn’t the case in August.
Even Tuesday might see lower than normal volume due to a religious observance. Things might not be back to full speed until next Wednesday from a volume standpoint, and when volume is thin, trading sometimes gets more treacherous. It’s just something to keep in mind over the coming days.
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