After months of warning signs, the slowdown in America’s labor market is now undeniable.
August’s jobs report reveals a near standstill in hiring, cementing expectations that the Federal Reserve will be forced to cut interest rates—and perhaps more aggressively than markets had already anticipated.
August Jobs Data Is So Bad, The Fed Can’t Hide From Rate Cuts Anymore
The U.S. economy added just 22,000 jobs in August, down sharply from July’s 79,000 and far short of the 75,000 economists had expected.
Revisions added to the gloom: June payrolls were cut by 27,000 to show a loss of 13,000 jobs, while July was revised up by 6,000 to 79,000. Taken together, employment for June and July …