The U.S. economy added only 22,000 jobs in August, with unemployment rising to 4.3%, fueling recession concerns as traders see a near-certain Fed rate cut this month.
The U.S. Bureau of Labor Statistics reported just 22,000 new jobs in August, well below expectations and down from July’s revised 79,000. The unemployment rate climbed to 4.3%, highlighting signs of a slowing labor market. Bitcoin fell below $110,500 before rebounding above $113,300, while gold hit a record $3,580. Equity markets touched fresh highs before pulling back as traders priced in a 98% chance of a quarter-point Federal Reserve rate cut at the September 16–17 meeting. Fed Chair Jerome Powell signaled readiness for a September cut but ruled out the start of an aggressive easing cycle, citing lingering inflation risks. Markets now await August CPI data on September 11 for further policy signals.