SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

USA's job market slows down faster

The American job market is clearly slowing down, show new figures. The US economy is losing momentum and several interest rate cuts are getting closer. The question is how fast it goes?

» Updated: September 08 2024

» Published: September 06 2024

USA's job market slows down faster
Photo: Evan Vucci/AP/TT

As usual, the American employment statistics were high on the agenda in financial circles. How fast is the American economy slowing down?

A mixed bag, says Elisabet Kopelman, USA analyst at SEB in an initial comment.

Fewer than expected

The number of new jobs in the USA outside the agricultural sector amounted to 142,000 in August, which was fewer than expected. According to the news agency Bloomberg, expectations were for 165,000 new jobs.

In July, employment increased by 89,000 jobs according to revised figures.

This shows that employment is continuing to slow down, seen over the past three months, says Elisabet Kopelman.

But there was still a sigh of relief. Unemployment did not increase, on the contrary, it decreased slightly, from 4.3 to 4.2 percent.

There was a fear of a really bad report, says Kopelman.

"More concerned"

On the financial markets, the Stockholm Stock Exchange rose slightly, while the dollar lost value against the krona by about five öre to 10.18.

One is now more concerned about the economy than hopeful for interest rate cuts, says Kopelman.

Half a year ago, it was the opposite. Then, poor job figures were positive for the stock market climate because the fear was high for overheating with continued high inflation and interest rates. It has thus changed. Now the financial market is more worried that the economy will slow down too quickly.

Today's statistics harvest was a bit mixed, notes Kopelman.

For the American central bank Federal Reserve, the path to multiple interest rate cuts is becoming increasingly clear. And that is good news for those who want to see lower interest rates in Sweden as well.

This supports the Swedish Central Bank to continue cutting, says Kopelman.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Support Hotline Launched for Businesses Impacted by Northvolt's Bankruptcy

Support Hotline Launched for Businesses Impacted by Northvolt's Bankruptcy

Union Rejection Puts Swedish Industrial Wage Talks at Risk

Union Rejection Puts Swedish Industrial Wage Talks at Risk

Nike Shares Drop 8.1% Amid Sales Concerns on NYSE

Nike Shares Drop 8.1% Amid Sales Concerns on NYSE

Trump and Bondi Warn Tesla Vandals of Severe Prison Sentences

Trump and Bondi Warn Tesla Vandals of Severe Prison Sentences

Snus Delivery Strike Looms as Union Holds Firm on Notice

Snus Delivery Strike Looms as Union Holds Firm on Notice

EU Investigates Star Stable for Allegedly Deceiving Kids Out of Money

EU Investigates Star Stable for Allegedly Deceiving Kids Out of Money

Russia Holds Steady on Interest Rate Amid High Inflation Concerns

Russia Holds Steady on Interest Rate Amid High Inflation Concerns

Social Democrats Criticize Increased ROT Deduction as Ineffective

Social Democrats Criticize Increased ROT Deduction as Ineffective

Sweden Unveils Updated Food Strategy to Boost Domestic Production

Sweden Unveils Updated Food Strategy to Boost Domestic Production

Telecom Stocks Defy Market Slump on Stockholm Exchange

Telecom Stocks Defy Market Slump on Stockholm Exchange

Germany's Major Loans Drive Up Interest Rates Across Europe

Germany's Major Loans Drive Up Interest Rates Across Europe

Asian Markets Diverge Amid Fed Signals and Trade Uncertainty

Asian Markets Diverge Amid Fed Signals and Trade Uncertainty

Heathrow Reopens with Limited Flights After Fire Disruption

Heathrow Reopens with Limited Flights After Fire Disruption

Akelius Foundation and Partners Raise 125 Million Kronor for Gaza Education

Akelius Foundation and Partners Raise 125 Million Kronor for Gaza Education

Navigating Mortgage Decisions Amid Economic Uncertainty

Navigating Mortgage Decisions Amid Economic Uncertainty

Svantesson Urges Shared Responsibility to Tackle Rising Food Prices

Svantesson Urges Shared Responsibility to Tackle Rising Food Prices

Swedish Food Giants Cite External Factors for Price Hikes Amid Tough Competition

Swedish Food Giants Cite External Factors for Price Hikes Amid Tough Competition

Interest Grows in Northvolt Assets Amid Bankruptcy Proceedings

Interest Grows in Northvolt Assets Amid Bankruptcy Proceedings

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

Tesla Recalls Cybertrucks, Market Dips Amid Fed Rate Hold

EU Delays Bourbon Tariffs, Seeks Talks with Trump Administration

EU Delays Bourbon Tariffs, Seeks Talks with Trump Administration

Bank of England Holds Interest Rate Steady Amid Inflation Concerns

Bank of England Holds Interest Rate Steady Amid Inflation Concerns

Geely's Profit Soars in 2024 with Strategic Shift and Sales Boost

Geely's Profit Soars in 2024 with Strategic Shift and Sales Boost

Coop Syd Cuts 160 Jobs Amid Ongoing Boycott in Sweden

Coop Syd Cuts 160 Jobs Amid Ongoing Boycott in Sweden

Mercedes CEO Calls for Zero Tariffs to Boost US-EU Trade

Mercedes CEO Calls for Zero Tariffs to Boost US-EU Trade

Switzerland Nears Zero Interest Rate as Central Bank Cuts Again

Switzerland Nears Zero Interest Rate as Central Bank Cuts Again

Swedish Central Bank Holds Steady on Interest Rates Amid Inflation Concerns

Swedish Central Bank Holds Steady on Interest Rates Amid Inflation Concerns

Swedish Central Bank Holds Rates Steady, Ready to Act on Inflation

Swedish Central Bank Holds Rates Steady, Ready to Act on Inflation

Ericsson Gains Amid Stockholm Stock Exchange Dip

Ericsson Gains Amid Stockholm Stock Exchange Dip

Sweden Tackles Rising Food Costs: Government Meets with Industry Leaders

Sweden Tackles Rising Food Costs: Government Meets with Industry Leaders

China Holds Steady on Interest Rates Amid Economic Challenges

China Holds Steady on Interest Rates Amid Economic Challenges

Trump Calls on Fed to Lower Interest Rates Amid Economic Uncertainty

Trump Calls on Fed to Lower Interest Rates Amid Economic Uncertainty

Rising Trend: 1 in 5 Swedes Boycott American Brands

Rising Trend: 1 in 5 Swedes Boycott American Brands

U.S. Stock Markets Surge as Fed Holds Interest Rates Steady

U.S. Stock Markets Surge as Fed Holds Interest Rates Steady

Fed Holds Interest Rates Steady Amid Economic Uncertainty

Fed Holds Interest Rates Steady Amid Economic Uncertainty

Sweden's Finance Minister Pushes for Lower Food Prices Amid Talks

Sweden's Finance Minister Pushes for Lower Food Prices Amid Talks

Sweden's Economy Faces Higher Unemployment Despite Growth Signs

Sweden's Economy Faces Higher Unemployment Despite Growth Signs

Another Major Bank Raises Mortgage Interest Rates

Another Major Bank Raises Mortgage Interest Rates

European Inflation Revised Downward

European Inflation Revised Downward

Stockholm Exchange Sees Slight Gains Amid Mixed European Markets

Stockholm Exchange Sees Slight Gains Amid Mixed European Markets

More and more rush to declare

More and more rush to declare