US, NFP data beyond forecasts in August despite Fed rate hike By Investing.com

US, NFP data beyond forecasts in August despite Fed rate hike By Investing.com
US, NFP data beyond forecasts in August despite Fed rate hike By Investing.com
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© Reuters.

By Alessandro Albano

Investing.com – NFPs rose above expectations in August, showing the strength of the labor market despite Federal Reserve rate hikes.

According to the U.S. Bureau of Labor Statistics, the non-farm sector job market added 315,000 people compared to the revised 526,000 downward for the month of August. consensus garnered by Investing.com pointed to an increase of 300,000 paychecks.

Significant employment increases have occurred in professional and business services, healthcare and retail.

Non-farm employment, the BLS explains, has increased by 5.8 million in the past 12 months, with the labor market “continuing to recover from the loss of jobs caused by the pandemic.”

The latest reading brings total employment to 240,000 more jobs than the February 2020 pre-pandemic level.

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In terms of unemployment, the rate increased by 0.2% to 3.7% compared to the 3.7% expected by the market. Numerically, the number of unemployed rose by 344,000 to a total of 6.0 million, but by July the number of job seekers returned to pre-pandemic levels.

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The labor force participation rate increased by 0.3 percentage points in August to reach 62.4%, but remains 1.0 percentage point below the level recorded in February 2020.

Equity markets, for the moment, have reacted positively, with, and expected to rise between 0.4% and 0.5%.

US shares are down slightly, while traders’ expectations of the Fed rate hike do not change. According to futures monitored by Investing.com’s Fed rate Monitor, a 75 basis point rise is expected at 71% probability compared to the 73% priced yesterday.

The article is in Italian

Tags: NFP data forecasts August Fed rate hike Investing .com

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