{"id":2019284,"date":"2023-09-01T12:01:01","date_gmt":"2023-09-01T16:01:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-rate-spikes-in-new-jobs-report-defying-economists-expectations\/"},"modified":"2023-09-01T12:02:54","modified_gmt":"2023-09-01T16:02:54","slug":"unemployment-rate-spikes-in-new-jobs-report-defying-economists-expectations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-rate-spikes-in-new-jobs-report-defying-economists-expectations\/","title":{"rendered":"Unemployment rate surges in latest jobs report, defying economists&#8217; predictions."},"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\">20<\/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%2Funemployment-rate-spikes-in-new-jobs-report-defying-economists-expectations%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=2019284&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--><h2>Unemployment Rate Spikes\u2064 in New \u2063Jobs Report, Defying Economist&#8217;s Expectations<\/h2>\n<p>The U.S. added 187,000 non-farm payroll jobs in August \u200bas the unemployment rate shot up to 3.8%, according to Bureau of Labor Statistics <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener\">data<\/a> released Friday.<\/p>\n<p>Economists had anticipated the country would add 170,000 jobs in August compared to\u200d 187,000 jobs in July, and that unemployment\u2064 would remain unchanged at 3.5%, \u200baccording to <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-consumer-spending-july-surges-weekly-jobless-claims-fall-2023-08-31\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p>The \u200dU.S. economy grew less than previously thought\u2062 in the second quarter of 2023, with\u200d yearly real Gross Domestic Product being revised down from 2.4% to 2.1%.<\/p>\n<p>\u201cAn increasing number of\u200b surveys show firms are reducing hiring, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/unemployment-rate-spikes-in-new-jobs-report-defying-economists-expectations\/\" title=\"Unemployment rate surges in latest jobs report, defying economists' predictions.\">removing \u2064unfilled job postings<\/a>, and eliminating positions after separations (quits or firings),\u201d E.J. \u2064Antoni, a research fellow at the Heritage Foundation\u2019s Grover M. Hermann Center for the Federal Budget, told the Daily Caller News Foundation.<\/p>\n<p>\u201cWith the \u2062big drop in \u2063the most recent month\u2019s\u2062 job openings and the downward revisions, it\u2019s now \u200bclear that we\u2019re below \u200dthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-retail-sales-beat-expectations-manufacturing-production-slumps\/\" title=\"U.S. retail sales beat expectations; manufacturing production slumps\">pre-pandemic trend<\/a>,\u201d\u200c he said. \u201cWhile \u200dthe labor market is a lagging indicator, it\u2019s clear that this is yet another sign of an economic slowdown.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Always a\u2064 pleasure joining <a href=\"https:\/\/twitter.com\/EveningEdit?\">@EveningEdit<\/a> w\/ <a href=\"https:\/\/twitter.com\/LizMacDonaldFOX?\">@LizMacDonaldFOX<\/a> on <a href=\"https:\/\/twitter.com\/FoxBusiness?\">@FoxBusiness<\/a>, this time discussing\u2062 the latest economic numbers and\u2062 how inflation has effectively doubled \u2062what the average American \u200dpays in federal income taxes: <a href=\"https:\/\/t.co\/tVMLFkbr8t\">pic.twitter.com\/tVMLFkbr8t<\/a><\/p>\n<p>\u2014 EJ Antoni (@RealEJAntoni) <a href=\"https:\/\/twitter.com\/RealEJAntoni\/status\/1697255361424785462?\">August 31, 2023<\/a><\/p>\n<\/blockquote>\n<p>The BLS release is in line with data from \u2062the private payroll firm ADP that showed only 177,000 private jobs were \u200badded in August.<\/p>\n<p>The ADP data for previous months has \u200dwell exceeded what the BLS estimated in its jobs estimates, with \u200bthe ADP reporting that 324,000 and 497,000 <a href=\"https:\/\/www.westernjournal.com\/biden-admin-drops-update-jobs-numbers-reflects-lowest-statistic-since-2020\/\" target=\"_blank\" rel=\"noopener\">new private jobs<\/a> were added for\u2062 the months of July and June,\u2064 respectively.<\/p>\n<p>Jerome Powell, chair of\u2062 the \u200d <a href=\"https:\/\/www.westernjournal.com\/ap-unemployment-numbers-take-biggest-jump-months-federal-reserve-continues-hike-interest-rates\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>, noted at the Jackson Hole Economic Symposium that factors like a\u200d hot labor market, high inflation and sustained economic\u200d growth would increase the likelihood of another interest rate hike.<\/p>\n<p>The federal funds rate has been raised eleven times since March \u20622022 by the Fed, bringing the rate\u2063 within a range of 5.25% and 5.50% \u2062in\u2064 an effort to bring\u200b down <a href=\"https:\/\/www.westernjournal.com\/key-inflation-metric-moves-wrong-way-new-govt-report-combines-income-stagnation-fuel-debt-spiral\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a>.<\/p>\n<p>Inflation remained elevated in July, increasing by 3.2% for\u200d the year, up from 3.0% in June but \u2063down from a \u2062high\u2062 of 9.1% in\u200c June 2022.<\/p>\n<div class=\"disclaimer\">\n<p><em>All content created by the Daily Caller News Foundation, an independent\u200b and nonpartisan \u200bnewswire service, is available without charge to any <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/union-membership-plummets-to-record-low\/\" title=\"Union Membership Plummets to Record Low\">legitimate news publisher<\/a>\u200c that can \u2064provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation.<\/em><\/p>\n<p><em>For any questions about our guidelines or partnering with\u2064 us,\u2063 please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\" target=\"_blank\" rel=\"noopener\">licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n<\/div>\n<p>The\u2063 post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/unemployment-rate-spikes-new-jobs-report-defying-economists-expectations\/\">Unemployment Rate Spikes in New \u2064Jobs Report, Defying Economist&#8217;s Expectations<\/a> appeared first\u200b on\u200b <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In August, the U.S. gained 187,000 non-farm payroll jobs, causing the unemployment rate to rise to 3.8%. Economists predicted a smaller increase of 170,000 jobs and expected the unemployment rate to stay at 3.5%.<\/p>\n","protected":false},"author":2181,"featured_media":2019285,"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":[548],"tags":[],"class_list":["post-2019284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"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\/2019284","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\/2181"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2019284"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2019285"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2019284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2019284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2019284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}