Today, the U.S. Employment Situation Report was released, showing little change in the nation’s overall job market. Although this report is closely watched by investors, economists, and policymakers, it is unlikely to have a major impact on the United States Federal Reserve’s upcoming September meeting.
The report revealed that the nation’s unemployment rate was 8.4% in August, a slight decrease from July’s figure of 8.7%.The nation experienced an increase in the number of nonfarm payroll jobs, but there was no significant change in wage growth. This news indicates that the U.S. economy continues to face challenges due to the coronavirus pandemic.
Before the Federal Reserve’s scheduled meeting, they have a number of other economic reports to review including the Labor Market Conditions Index, the Retail Sales Report, the Consumer Price Index, and the Housing Market Index. As a result, although today’s jobs report is an important input for their decision-making process, it may not be the only factor that will influence the Federal Reserve’s response to the nation’s economic recovery.
Most Important Elements:
– The U.S. Employment Situation Report was released, showing little change in the job market
– August’s unemployment rate was 8.4%, a slight decrease from July’s figure of 8.7%
– The number of nonfarm payroll jobs increased, but wage growth did not decrease
– The pandemic continues to present challenges to the US economy
– The Fed has a number of other economic reports to review before its meeting on September 19-20
You can read this full article at: https://www.housingwire.com/articles/the-labor-market-showed-signs-of-modest-cooling-in-july/(subscription required)
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