U.S. Unemployment Holds Steady at 9.1%

Markets will likely be disappointed today as the Non-Farm Payroll report suggests job creation in the U.S. has stalled. After an 85,000 gain in July, August’s reading showed no increase in net new jobs leaving the unemployment rate at 9.1 percent.

“Net employment flat-lined in August,” Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York said before the report. “When the outlook is uncertain, businesses don’t hire. Calls that we’re on the cusp of a recession or already there are not completely unwarranted.”

Source: Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.