Not looking good

The Bureau of Labor Statistics (BLS) reported the unemployment rate, which fell from 4.3 percent in July to 4.2 percent in August. However, unemployment and the number of unemployed people, 7.1 million, changed little in August. These measures are higher than a year earlier, when unemployment was 3.8 percent and the number of unemployed 6.3 million.

Automatic Data Processing, Inc. (ADP), a US provider of human resources software and services, announced yesterday that the number of new private sector jobs was 99,000, the lowest since January 2021. The average forecast among analysts was 145,000 new jobs, according to Bloomberg.

The weak development increases the likelihood that the US central bank AKA Federal Reserve will lower the policy rate on September 18. The US dollar is being pushed down by both the euro and the Swedish krona. US long-term interest rates fall after the announcement.