Although the unemployment rate stood at 4.2% in August, a slight drop from the previous month, the fact is that data released Friday by the Labor Department's Bureau of Labor Statistics also point to a cooling of the labor market. The U.S. economy created 142,000 new jobs in August, a slightly lower number than predicted by experts quoted by AP, who had expected 160,000. The figures published on Friday are in line with the notable cooling experienced by the labor market in recent months, something that economists attribute to the persistence of high interest rates.
Following the figures, Wall Street's major indexes fell to their lowest level in more than three weeks. Technology stocks, such as Tesla and Nvidia, led the declines, with the S&P 500 suffering its biggest weekly decline in 18 months. The semiconductor index also posted its worst weekly decline since March 2020.
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