The August jobs report came in weaker than expected, signaling a massive slowdown in the labor market. This is good news for those who want the Federal Reserve to lower interest rates, with a September rate cut all but guaranteed at this point and two more expected by year's end.
According to the Bureau of Labor Statistics, nonfarm payrolls rose by 22,000 in August, missing economists' estimate for 75,000 new jobs. Figures for June were revised down by 27,000, from +14,000 to -13,000, while July job growth was upwardly revised by 6,000 (from 73,000 to 79,000 additions).
