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US unemployment remains at 7.4% despite adding 176,000 new jobs US unemployment remains at 7.4% despite adding 176,000 new jobs
(14 days later)
US private employers added 176,000 jobs in August, nearly matching economists' expectations for the month, a report by a payrolls processor showed on Thursday.US private employers added 176,000 jobs in August, nearly matching economists' expectations for the month, a report by a payrolls processor showed on Thursday.
Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs. July's private payrolls gains were revised to 198,000 from the previously reported 200,000.Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs. July's private payrolls gains were revised to 198,000 from the previously reported 200,000.
The report is jointly developed with Moody's Analytics.The report is jointly developed with Moody's Analytics.
The ADP data comes one day before the US government's report on August non-farm payrolls, which investors will scour in hopes of divining the Federal Reserve's future for its massive asset-buying program.The ADP data comes one day before the US government's report on August non-farm payrolls, which investors will scour in hopes of divining the Federal Reserve's future for its massive asset-buying program.
The Fed is now weighing when to pull back on its purchases of $85bn per month in Treasuries and mortgage-backed securities.The Fed is now weighing when to pull back on its purchases of $85bn per month in Treasuries and mortgage-backed securities.
Views that the Fed could slow its buying pace as soon as its September 17-18 meeting sent Treasury yields to two-year highs recently.Views that the Fed could slow its buying pace as soon as its September 17-18 meeting sent Treasury yields to two-year highs recently.
But policymakers say their decisions will depend on data showing the health of the world's biggest economy. Policymakers want to see the unemployment rate closer to 6% than its current 7.4%.But policymakers say their decisions will depend on data showing the health of the world's biggest economy. Policymakers want to see the unemployment rate closer to 6% than its current 7.4%.
Economists in a Reuters poll, however, see the August unemployment rate remaining flat.Economists in a Reuters poll, however, see the August unemployment rate remaining flat.
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