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US private sector adds just 54,000 jobs in August
The US job market is showing signs of cooling off—private companies added just 54,000 jobs in August, falling short of the 65,000 expected and dropping sharply from July's slightly upwardly revised 106,000.
This slowdown comes as more people are looking for work and fewer positions are open.
Layoff announcements jumped by 39% last month
Layoff announcements jumped by 39% last month, with nearly 86,000 jobs cut—the most for any August since the pandemic year.
For the first time since then, there were more unemployed people than available jobs.
Still, some economists think nonfarm payrolls may have ticked up slightly in August and expect a small rise in unemployment as the Federal Reserve weighs its next move on interest rates.