United States Non Farm Payrolls

The US economy added 187,000 jobs in August 2023, compared to the downwardly revised 157,000 in July and more than market expectations of 170,000. Still, it was the third consecutive month with job gains falling below the 200,000 threshold, indicating a gradual easing of labor market conditions, largely attributed to the Federal Reserve's significant interest rate hikes aimed at cooling down inflation. Employment continued to trend up in health care (+71,000), leisure and hospitality (+40,000), social assistance (+26,000), and construction (+22,000). On the other hand, transportation and warehousing lost 34,000 jobs, as the bankruptcy of Yellow, a major trucking company, left about 30,000 workers without jobs. Information employment changed little (-15,000), with employment in motion picture and sound recording industries decreasing by 17,000, reflecting the absence of striking Hollywood actors, who are not counted as employed.