{"id":76733,"date":"2023-09-01T10:24:05","date_gmt":"2023-09-01T17:24:05","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76733"},"modified":"2023-09-01T10:24:05","modified_gmt":"2023-09-01T17:24:05","slug":"august-jobs-report-rate-hike-unlikely","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/august-jobs-report-rate-hike-unlikely\/","title":{"rendered":"September Rate Hike Increasingly Unlikely After This Week\u2019s Jobs Report"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">The August jobs report keeps the probability of the Fed hiking interest rates in September very low. That could be promising for homebuyers watching for mortgage rates to come down. <\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">This week\u2019s <\/span><a href=\"https:\/\/www.bls.gov\/news.release\/empsit.htm\"><span style=\"font-weight: 400;\">jobs report<\/span><\/a><span style=\"font-weight: 400;\"> is seemingly weak at first blush, but it\u2019s actually fairly good news for homebuyers waiting for mortgage rates to come down. The U.S. added 187,000 jobs in August, in line with expectations. Unemployment jumped significantly, from 3.5% in July to 3.8% in August. That may alarm people, but the jump is mostly due to more people<\/span><i><span style=\"font-weight: 400;\"> looking<\/span><\/i><span style=\"font-weight: 400;\"> for jobs, not more people losing their jobs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wage gains slowed, with average hourly earnings up 0.2% from a month earlier and 4.3% from a year earlier. That\u2019s slightly weaker than expected, and a sign that the labor market is <\/span><a href=\"https:\/\/www.nytimes.com\/live\/2023\/09\/01\/business\/jobs-report-august-economy\"><span style=\"font-weight: 400;\">gradually cooling<\/span><\/a><span style=\"font-weight: 400;\">, which is one goal the Fed was trying to accomplish by hiking interest rates. Combined with <\/span><a href=\"https:\/\/www.cnn.com\/2023\/08\/29\/economy\/jolts-job-openings-layoffs-july\/index.html\"><span style=\"font-weight: 400;\">weak JOLTS data<\/span><\/a><span style=\"font-weight: 400;\"> released earlier this week, this has the potential to bring down interest rates\u2013and mortgage rates\u2013but it doesn\u2019t necessarily mean the U.S. is headed toward a recession.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s a very low probability of the Fed hiking rates at their September 20 meeting, and this jobs news should keep that probability low. The Fed will also take into account the August <a href=\"https:\/\/www.bls.gov\/cpi\/\">CPI<\/a> report, which will be released September 13.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The August jobs report keeps the probability of the Fed hiking interest rates in September very low. That could be promising for homebuyers watching for mortgage rates to come down. This week\u2019s jobs report is seemingly weak at first blush, but it\u2019s actually fairly good news for homebuyers waiting for mortgage rates to come down. [&hellip;]<\/p>\n","protected":false},"author":13558,"featured_media":76734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[632],"tags":[36,623],"dashboard":[],"coauthors":[622],"class_list":["post-76733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-from-our-economists","tag-economics","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>September Rate Hike Increasingly Unlikely After This Week\u2019s Jobs Report - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"The August jobs report keeps the probability of the Fed hiking interest rates in September very low. 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