The unemployment rate in the United States remained stable at 4.1 percent in August, according to data released by the US Department of Labor in Washington on Friday. However, the total number of unemployed people did rise slightly during the same period, increasing from 6.9 million to 7.0 million.
In August, companies in the US added approximately 162,000 non-agricultural jobs, the Ministry reported. This job growth was particularly visible in the gastronomy sector and within municipal public educational institutions, although job losses were registered in the IT industry. Separately, the figure for long-term unemployed individuals reached 1.9 million, up from 1.8 million in July.
These US labor market figures are closely monitored by investors worldwide. When the labor market is robust while inflation remains high, the prospect of interest rate cuts becomes less likely. Nevertheless, financial market participants would welcome such cuts, partly because lowering rates would make savings accounts less competitive as an alternative investment to stocks, and it would allow businesses and other entities to access credit more cheaply.
