Challenges for the American labor market remain. After the last few months showed a weak development, that trend was reinforced by the August figure.
Preliminary 22,000 new jobs were significantly fewer than the 75,000 jobs that market economists had expected. In addition, unemployment rose to 4.3 percent, the highest figure since 2021.
The fundamental problem is that companies are quite uncertain. They see increasing costs from tariffs at the same time as there is uncertainty about demand and reduced purchasing power, says Elisabeth Kopelman, US economist at bank SEB.
This means that companies are cautious about hiring. What has given a certain balance, however, is that they have also been cautious with layoffs.
Today's figure means that the market now fully expects the Federal Reserve to lower the interest rate later in September in an attempt to stimulate the American economy.
In line with the same line
Elisabeth Kopelman is in line with the same line:
My main scenario is a 25-point cut as the most likely, but when you fully expect an interest rate cut, you can raise the question of an even bigger step, she says.
A so-called double cut in interest rates, however, she does not see as likely at present.
We get the last piece of the puzzle next week with American inflation, but I do not think the Fed will take any panic steps, but will continue to lower the interest rate at a calm pace.
Stock markets rise
Today's figure, in turn, causes the New York stock markets to rise slightly, falling interest rates are traditionally seen as good for the stock markets.
The Stockholm stock market also strengthens somewhat, while the value of the US dollar falls and now costs 9.38 kronor.
