three workers talking in warehouse

Fading Labor Market

Dan North | September 2023

The August employment report showed a fading labor market.

The economy created 187k jobs last month, a bit more than expectations of 170k. But the prior two months were revised down to a heavy -110k. The y/y job growth rate extended its decline from the peak of 5.2% in February of 2022 to 2.0% currently. 

The report was perceived by the financial markets as weak, increasing the odds that the Fed will not hike again in September or November. 

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