August Employment Report: Slow Job Gains Make A Fed Rate Cut Very Likely
2025-09-05 12:50:00 ET
By David W. Berson, Ph.D.
Nonfarm payrolls (NFP) rose by only 22,000 for August, down from an upwardly revised 79,000 for July. June was revised to a drop of 13,000. Markets were looking for a gain of 79,000 for August. The three-month average of NFP increases slowed to 29,000 in August, below the breakeven level of about 50,000 (slower than in prior years because of lack of immigration and increasing deportations). NFP for goods-producing industries dropped by 25,000, while services industries were up by 63,000. Average hourly earnings rose by 0.3 percent, its recent trend, but this slowed the growth rate over the past year to 3.7 percent....
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August Employment Report: Slow Job Gains Make A Fed Rate Cut Very Likely
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