Putting the weak US payrolls result into perspective

The US recovery still has a way to go, but the latest payrolls data is likely just a brief misstep following six months of strong jobs growth.

The US labour market might have suffered a brief misstep but that was to be expected after a remarkably strong six months for job growth. There’s no reason to believe that the labour market won’t get back on track in September and finish off the year on a high note.

In a mixed labour market report, non-farm payrolls rose by 142,000 in August, missing market expectations, following strong gains since February. Payrolls were revised up slightly for July to 212,000 (from 209,000).

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