Source: The American Prospect
by Robert Kuttner
“The August jobs report, released this morning by the Labor Department, was soft again. The economy added just 142,000 jobs last month, continuing a weakening trend. This was a shade better than July, but far less than the hot performance earlier in 2023 and 2024. Other indicators, such as reduced job openings, more people working part-time who want full-time jobs, and elevated claims for unemployment, reinforce the picture. Once again, the Labor Department revised earlier estimated job growth downward, this time cutting the figure for job growth in June and July by 86,000 jobs. Drill deeper and you see a softening job market for college grads as well as those without degrees. All of this, of course, means that a long-overdue rate cut is virtually certain when the Fed holds its next policy-setting meeting September 17-18.” (09/06/24)
https://prospect.org/blogs-and-newsletters/tap/2024-09-06-more-evidence-big-fed-rate-cut/