U.S. payrolls grew by 142,000 in August, less than expected. We’ve had negative revisions in 6 out of the last 7 months.
Nonfarm payrolls expanded by 142,000 during August, down from 89,000 in July and below the 161,000 consensus forecast. The unemployment rate ticked down to 4.2%, as expected. However, the “real” unemployment rate edged up to 7.9%, its highest reading since October 2021. The previous two months saw substantial downward revisions. The BLS cut July’s total …