Weakest job figures from the USA since 2021

» Updated: September 26 2024

» Published: September 05 2024

Weakest job figures from the USA since 2021
Photo: Steven Senne AP/TT

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Far fewer new jobs were created than expected in the USA in August, according to monthly statistics from payroll administrator ADP.

The number of new jobs in the private sector totals 99,000 according to ADP. This is the lowest number since January 2021.

The dollar is under pressure, both against the euro and the krona. And American long-term interest rates are falling after the figures. European stock exchanges are also falling.

The average forecast among analysts was 145,000 new jobs in August, according to a compilation of forecasts by the news agency Bloomberg.

ADP is simultaneously revising down the calculation of new jobs in July to 111,000 from a previous calculation of 122,000.

Thursday's ADP report comes ahead of Friday's major monthly job report from the US Department of Labor, with employment and unemployment figures for the entire economy excluding the agricultural sector.

The weak figure increases the likelihood that the US central bank, the Federal Reserve (Fed), will lower the interest rate on September 18.

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

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