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The number of new jobs in the "small non-agricultural" was the smallest since 2021, and the market expects policymakers to start cutting interest rates this month
2024-09-05 12:36:29
Odaily News U.S. companies added the fewest jobs since early 2021 last month, further evidence that the labor market is shifting to slower growth. Private sector payrolls added 99,000 jobs in August, ADP data showed, with the previous month's gain revised down. The latest data fell short of all expectations. "After two years of substantial growth, the downward trend in the job market has kept hiring below normal levels," said Nela Richardson, chief economist at ADP. "Wage growth is stabilizing after a sharp post-pandemic slowdown." Companies are scaling back hiring in response to high costs and high interest rates. The latest data adds to evidence of slowing labor demand, with Federal Reserve officials saying they are now more concerned about risks in the labor market than inflation. With price pressures largely retreating from their peak in the pandemic, markets expect policymakers to begin cutting interest rates this month. Another report released Thursday showed that U.S. companies' hiring plans through August were 41% lower than the same eight months in 2023. Announced layoffs fell 3.7%. (Jinshi)