{"id":2019104,"date":"2023-09-01T08:55:01","date_gmt":"2023-09-01T12:55:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-adds-187000-new-jobs-unemployment-rate-climbs\/"},"modified":"2023-09-01T08:56:01","modified_gmt":"2023-09-01T12:56:01","slug":"us-economy-adds-187000-new-jobs-unemployment-rate-climbs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-adds-187000-new-jobs-unemployment-rate-climbs\/","title":{"rendered":"US economy gains 187k jobs, but unemployment rate rises."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economy-adds-187000-new-jobs-unemployment-rate-climbs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2019104&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>The U.S. economy added 187,000 new jobs in August, surpassing expectations and marking the third-weakest \u200bjobs report under President Joe Biden, according to the <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener\">Bureau of\u200c Labor Statistics (BLS)<\/a>.<\/p>\n<p>Unfortunately, employment gains were revised down \u200bonce again. The change for July was adjusted \u2062down by 30,000\u200d to 157,000, and \u2064jobs for June were adjusted by 80,000 \u200dto\u2064 105,000. From January \u2063to \u2062July, there have been a total of 331,000 downward revisions.<\/p>\n<p>On a more positive note, the unemployment rate climbed to 3.8 percent last\u200d month, matching market forecasts.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/article\/us-job-openings-fall-below-9-million-for-1st-time-in-over-2-years-5482622\">US Job Openings Fall Below 9 Million for\u200c 1st Time in \u200dOver 2 Years<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/30\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/article\/us-job-openings-fall-below-9-million-for-1st-time-in-over-2-years-5482622\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/article\/government-revises-employment-data-306000-private-jobs-vanish-5479290\">Government Revises Employment\u2062 Data: 358,000\u2062 Private Sector Jobs Vanish<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/23\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/article\/government-revises-employment-data-306000-private-jobs-vanish-5479290\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Annual average hourly earnings eased to 4.3 percent, down from 4.4 percent, meeting economists&#8217; expectations. \u2064On a month-over-month basis, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/did-a-money-printer-write-this-cnbc-mocked-for-saying-that-rising-wages-are-a-silver-lining-of-inflation\/\" title=\"\u2018Did A Money Printer Write This?\u2019: CNBC Mocked For Saying That \u2018Rising Wages\u2019 Are A \u2018Silver Lining\u2019 Of Inflation\">average hourly earnings rose 0<\/a>.2 percent, down from 0.4 percent.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/job-growth-slows-in-september-misses-estimates\/\" title=\"Job Growth Slows in September, Misses Estimates\">labor force participation rate edged<\/a> up \u2063to 62.8 percent, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-adds-187000-new-jobs-unemployment-rate-climbs\/\" title=\"US economy gains 187k jobs, but unemployment rate rises.\">average weekly\u200b hours \u2062inched higher<\/a> to \u206434.4.<\/p>\n<p>Three sectors contributed the\u2064 most to the employment gains: healthcare (71,000), leisure and\u200c hospitality (40,000), and \u2062social assistance (26,000). However, transportation and warehousing declined by 34,000, while information employment shed 15,000 workers.<\/p>\n<div class=\"shortcode\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Government \u200dpayrolls climbed\u200b by 8,000, and the manufacturing industry added 16,000 positions.<\/p>\n<h2>Heading Into the Jobs \u200bReport<\/h2>\n<p>A plethora of employment data points this \u2062week supported concerns that the\u2062 labor \u2063market is cooling.<\/p>\n<p>The <a href=\"https:\/\/www.bls.gov\/news.release\/jolts.nr0.htm\" target=\"_blank\" rel=\"noopener\">number of job openings<\/a> in July fell to 8.827 million, down from 9.165 \u2064million in \u200dJune and below the market estimate of 9.465 million. This is the first time that job openings were below\u200d 9\u200b million since March 2021 and represented \u2062the third\u200d consecutive monthly decline.<\/p>\n<p>Job quits edged lower,\u200c sliding by\u200b 253,000 to 3.549 million in June.\u200b This was the lowest reading since \u200dFebruary 2021.<\/p>\n<p>Layoffs surged in \u200bAugust as \u200dU.S.-based firms announced 75,151 job cuts, the largest figure in three months, according \u2063to a <a href=\"https:\/\/www.challengergray.com\/blog\/job-cut-announcements-jump-in-august-2023-ytd-up-210\/\" target=\"_blank\" rel=\"noopener\">report<\/a> published\u2062 by Challenger, Gray &#038; Christmas, Inc. In the first eight months of \u20622023, there have been more than 557,000 layoffs.<\/p>\n<p>&#8220;Job openings are falling, and American workers\u2062 are more reluctant to leave their positions right now. The job market is resetting after \u200cthe pandemic and post-pandemic hiring frenzy,\u201d said Andrew \u2062Challenger, senior vice president of the\u200b employment firm,\u2064 in a statement.<\/p>\n<p>ADP reported (<a href=\"https:\/\/adp-ri-nrip-static.adp.com\/artifacts\/us_ner\/20230830\/ADP_NATIONAL_EMPLOYMENT_REPORT_Press_Release_2023_08%20FINAL.pdf\" target=\"_blank\" rel=\"noopener\">pdf<\/a>) that\u2063 private U.S. businesses\u200c hired 177,000 employees in August, the smallest total in five months.<\/p>\n<p>This could be \u200ca sign that the national economy is returning to the way it was before the coronavirus pandemic, says Nela Richardson, the\u200c chief economist at ADP.<\/p>\n<p>&#8220;After two years of exceptional gains tied to the \u200crecovery, we&#8217;re moving toward more sustainable growth in pay and employment as the economic effects\u2064 of the pandemic recede,&#8221; said Ms. Richardson.<\/p>\n<p>Initial jobless claims eased (<a href=\"https:\/\/www.dol.gov\/ui\/data.pdf#:~:text=The%20advance%20number%20of%20actual%20initial%20claims%20under,initial%20claims%20in%20the%20comparable%20week%20in%202022.\" target=\"_blank\" rel=\"noopener\">pdf<\/a>), totaling 228,000 for the week ending Aug. 26. This was down \u2062from the previous week&#8217;s\u200d 232,000 and below the consensus estimate of 235,000. Continuing jobless\u2062 claims increased to\u2062 1.725 million,\u200d while the four-week average \u2064was roughly unchanged at 237,500.<\/p>\n<h2>Impact on the\u2063 Federal Reserve<\/h2>\n<p>The latest labor data might prove \u200dto be good news for the Federal Reserve.<\/p>\n<p>Speaking at the central bank&#8217;s annual Jackson Hole \u2064economic symposium \u200bon Aug. 26, Fed Chair\u2063 Jerome Powell noted \u200dthat softer labor market conditions are needed to achieve the institution&#8217;s 2 percent inflation target rate.<\/p>\n<p>&#8220;Reducing \u200cinflation is likely to require a \u2063sustained period of \u200cbelow-trend growth.\u2064 Moreover, there will very likely be some softening \u200cof \u200clabor market \u200bconditions,&#8221; \u2063Mr. Powell said in his <a href=\"https:\/\/www.theepochtimes.com\/business\/jerome-powell-warns-federal-reserve-could-keep-raising-interest-rates-in-inflation-fight-5480665\" target=\"_blank\" rel=\"noopener\">keynote address<\/a>. &#8220;While\u200d higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some\u200c pain to households and businesses. These are the unfortunate costs of reducing inflation. But a fa<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US economy added 187,000 jobs in August, surpassing the estimated 170,000. However, this marks the third-lowest job report during President Biden&#8217;s term. The Bureau of Labor Statistics (BLS) revised the employment gains for July, lowering it by 30,000 to 157,000. Jobs were also adjusted for accuracy.<\/p>\n","protected":false},"author":278,"featured_media":2019105,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2019104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2019104"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2019105"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2019104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2019104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2019104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}