The US unemployment rate edged up to 43% in August, according to data released Friday by the US Department of Labor The number of unemployed individuals rose to 72 million
The US economy added approximately 22,000 non-farm payroll jobs during the month, with gains primarily concentrated in the healthcare sector, continuing a recent trend Conversely, employment in the public sector experienced a further decline, while positions in mining and oil and gas extraction also decreased The number of long-term unemployed – those jobless for 27 weeks or more – stood at 19 million, indicating a slight continued increase
US labor market data is closely monitored by investors globally A resilient labor market combined with elevated inflation levels reduces the likelihood of interest rate cuts Such cuts would be welcomed by financial markets, potentially making savings accounts less attractive as an investment alternative and providing businesses and other actors with access to cheaper credit