He writes: “More than that, the June figure which was already dismal at 14,000 was revised down significantly to a decline of 13,000, marking the first time the US economy lost jobs in four years. Elsewhere, the jobless rate rose to 4.3%, the highest level since 2021.”
An OCBC market analyst report points out that data of new US jobs for the month of August have failed to meet expectations, with the American economy seeing an addition of only 22,000 jobs in the month — “sharply” below the consensus forecast of 75,000 jobs.
The report, put out by OCBC Investment Strategy’s managing director, Vasu Menon, notes that payrolls have come in below 100,000 jobs for four straight months, the weakest stretch of job growth since the pandemic.
