US job growth seen picking up in Aug; unemployment rate easing to 4.2% | World News
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August payrolls have a tendency to initially print weaker relative to the consensus estimate and recent trend before being revised higher later Credit: Bloomberg
The drop in the unemployment rate followed four straight monthly increases, which had lifted it near a three-year high of 4.3% in July. Early on Friday, financial markets saw a roughly 43% probability of a half-point rate cut at the Fed’s Sept. 17-18 policy meeting, according to CME Group’s FedWatch Tool.
Average hourly earnings increased 0.4% in August after rising 0.2% in July. Wages increased 3.8% year-on-year after advancing 3.6% in July. Still-solid wage growth continues to underpin the economy through consumer spending.
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First Published: Sep 06 2024 | 11:15 AM IST
