August jobs report, Broadcom tumbles, Fed digesting latest labor print
Description
The US added 142,000 jobs in August. It was more than the 114,000 that were added in July, but short of the 165,000 economists had been expecting. The unemployment rate ticked lower to 4.2%, which matched estimates. Now, investors are trying to figure out what this means for the Federal Reserve's September meeting and whether the FOMC will cut by 25 or 50 basis points.
Takeaways:
- The unemployment rate was in line with US Bureau of Labor Statistics estimates, falling to 4.2% from 4.3% in July.
- The Federal Reserve is digesting August's labor print as officials enter their "blackout period" ahead of the central bank's September meeting in two weeks.
- Shares of chipmaker Broadcom (AVGO) tumble further as the stock trades in negative territory in extended hours over its disappointing revenue guidance for the fiscal fourth quarter.
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