The number of new jobs is plummeting in the USA

» Updated: August 04 2024

» Published: August 02 2024

The number of new jobs is plummeting in the USA
Photo: Marta Lavandier/AP/TT

Share this article

New jobs in the USA in July totaled 114,000, according to new figures from the US Department of Labor. The agricultural sector is not included in the figures.

Unemployment in July simultaneously rose to 4.3 percent, compared to 4.1 percent the previous month.

The number of new jobs was significantly lower than expected and can be compared to analysts' average forecast of 175,000 jobs, according to Bloomberg's compilation.

It can also be compared to 179,000 new jobs in June, according to revised figures.

The average hourly wage increased by 0.2 percent in July compared to the previous month, which was lower than expected. In June, the increase was 0.3 percent.

The annual wage increase in July fell to 3.6 percent, compared to revised 3.8 percent in June.

The cool labor market, combined with unexpectedly low activity in industry and some slowdown in the tech sector, has created concern about the state of the American economy.

The central bank, the Federal Reserve, has signaled that a first interest rate cut is likely in September. However, investors now fear that the Fed may have had its foot on the brake for too long to curb inflation and should have eased earlier.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Swedish Electric Boat Maker Candela Expands Production to USA
3 MIN READ

Swedish Electric Boat Maker Candela Expands Production to USA

Dousa on Verdict: Tariffs Likely to Persist Despite Court Ruling
1 MIN READ

Dousa on Verdict: Tariffs Likely to Persist Despite Court Ruling

Rice Trade Dispute Halts US-Japan Customs Talks
1 MIN READ

Rice Trade Dispute Halts US-Japan Customs Talks

Court Rules Most Trump Tariffs Illegal but Allows Temporary Continuation
2 MIN READ

Court Rules Most Trump Tariffs Illegal but Allows Temporary Continuation

Klarna Prepares for New York Stock Exchange Debut
1 MIN READ

Klarna Prepares for New York Stock Exchange Debut

Sanctions Loom for Companies Trading with Russia
1 MIN READ

Sanctions Loom for Companies Trading with Russia

Wall Street Declines After July Inflation Data Released
2 MIN READ

Wall Street Declines After July Inflation Data Released

The Job Market in Sweden is Cooling Down - Significant Differences Between Industries

The Job Market in Sweden is Cooling Down - Significant Differences Between Industries

US Inflation Steady at 2.6 Percent in July
1 MIN READ

US Inflation Steady at 2.6 Percent in July

Extended Nuclear Shutdown Raises Electricity Prices in Southern Sweden
2 MIN READ

Extended Nuclear Shutdown Raises Electricity Prices in Southern Sweden

Price Pressure Reduces Alibaba's Second Quarter Profit
1 MIN READ

Price Pressure Reduces Alibaba's Second Quarter Profit

Ikano Bank Reports Loss Amid 670 Million Kronor Credit Losses
1 MIN READ

Ikano Bank Reports Loss Amid 670 Million Kronor Credit Losses

Norway and US Senator Clash Over Oil Fund's Caterpillar Divestment
1 MIN READ

Norway and US Senator Clash Over Oil Fund's Caterpillar Divestment

Tesla Denied New Charging Stations Amid Swedish Union Strikes
1 MIN READ

Tesla Denied New Charging Stations Amid Swedish Union Strikes

No Decision Yet in Legal Battle Between Lisa Cook and Trump
2 MIN READ

No Decision Yet in Legal Battle Between Lisa Cook and Trump

Stockholm Stock Exchange Sees Five Consecutive Days of Decline
2 MIN READ

Stockholm Stock Exchange Sees Five Consecutive Days of Decline

Saab to Develop Unmanned Underwater Vehicle for FMV
1 MIN READ

Saab to Develop Unmanned Underwater Vehicle for FMV

Swedish Economy Shows Recovery with Revised GDP Growth
1 MIN READ

Swedish Economy Shows Recovery with Revised GDP Growth

Academedia CEO Unconcerned About Potential Social Democratic Government
2 MIN READ

Academedia CEO Unconcerned About Potential Social Democratic Government

US Ends Duty-Free Exemption for Small Package Imports
1 MIN READ

US Ends Duty-Free Exemption for Small Package Imports