U.S. economy adds just 22,000 jobs in August, far below expectations

Labor Market Overview - The US economy added 22,000 jobs in August, significantly below the expected 75,000 [1][2] - The unemployment rate stood at 4.3% [1][9] - Revisions to previous months' reports indicate a potential overestimation of job growth in the past year, with September 9th set to reveal revisions for the past 12 months [3][4][5][8] Sector-Specific Analysis - Healthcare saw robust gains, adding 30,600 jobs [9][10] - Federal government experienced a contraction of 15,000 jobs, influenced by seasonality [10][11] - Manufacturing saw a contraction of 12,000 jobs, a setback for the administration's job creation agenda [11] - Long-term unemployment (27 weeks or more) affected 1.9 million people, an increase of 385,000 so far this year [8][9] Wage and Inflation Trends - Average hourly earnings increased by 3.7% between August of this year and August of last year [14] - This wage growth outpaces the last measured consumer price index (CPI) inflation rate of 2.7% [14] - Wage growth may vary across different demographic groups [15] Monetary Policy Implications - There's a 97% chance the Federal Reserve will lower rates in the upcoming meeting [12] - The labor market's weakness may prompt the Fed to consider more aggressive rate cuts [12][13] Disparities in Unemployment - The black unemployment rate is 7.5%, and the Hispanic unemployment rate is 5.3%, both higher than the national average of 4.3% [13]