According to Bureau of Labor Statistics (BLS) data released on Friday, unemployment reportedly decreased in August for the first time since March, decreasing to 4.2%, during which time the U.S. economy added 142,000 nonfarm payroll jobs.
Compared to the 114,000 jobs added in the initial estimates for July, economists predicted that the country would add 161,000 nonfarm payroll jobs in August and that the unemployment rate would decrease to 4.2%.
Following a discouraging July report and a downward revision of more than 800,000 jobs that the Biden administration had claimed to have generated between April 2023 and March 2024, the job gains were achieved.
At the same time, the job gains for July that were previously reported were revised down from 114,000 to 89,000, and the gains for June were reduced from 179,000 to 118,000.
July saw inflation rise to 2.9% year over year, which is significantly higher than the Federal Reserve’s 2% inflation objective.
At its July Federal Market Open Committee (FOMC) meeting, the Federal Reserve maintained its target federal funds rate within a range of 5.25% and 5.50% in order to address excessive inflation.
This was the eighth consecutive meeting in which the rate was maintained at its current level.
Since President Joe Biden assumed office in January 2021, inflation has generated a price increase of over 20%.
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