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foreign media: us august employment data is lower than expected, exacerbating concerns about its economy

2024-09-14

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according to foreign media reports on september 14, the us job growth slowed down in august, and the number of new jobs was lower than expected. foreign media analysis said that the weak performance of the job market may increase concerns about the us economy.

according to the bbc, data from the us department of labor showed that the united states added 142,000 jobs in august, lower than the previous initial forecast of 160,000.

economic analysts pointed out that although the latest data maintained expectations that the federal reserve would cut interest rates this month, it still failed to provide sufficient answers to the future direction of the u.s. economy or the extent of the rate cuts.

"few data points are so critical. but unfortunately, the august jobs report did not completely resolve the debate over whether the u.s. economy is in recession," said seema shah, global chief strategist at principal asset management.

polls show that although the us economic growth reached 2.5% in 2023, most americans believe that the united states is experiencing an economic recession.

according to the associated press, the average monthly number of new jobs in the united states in the past three months was only 116,000, significantly lower than the 211,000 last year. economists said that this growth rate may not be enough to keep up with the increase in job seekers.

currently, u.s. companies are posting fewer job openings and hiring is also declining. in addition, job growth in august was concentrated in only a few specific industries, such as healthcare, construction, restaurants, hotels and entertainment.