unemployment rate edged up to 43% in August, according to data released Friday by the US Department of Labor The number of unemployed individuals increased to 72 million
American businesses added approximately 22,000 new non-farm jobs during the month Growth continued to be primarily driven by the healthcare sector Conversely, employment in the public sector continued its recent decline, with reductions also observed in mining and oil and gas extraction The number of long-term unemployed-those jobless for 27 weeks or more-reached 19 million, representing a slight increase
US labor market data is closely monitored by investors globally A robust labor market combined with persistent inflation makes the prospect of interest rate reductions less likely Such reductions would be welcomed by market participants, as they might make savings accounts a less appealing alternative to stocks and provide businesses and other actors with access to cheaper credit
