The three-month average now sits at 29,000, a level so low that it virtually seals the case for Federal Reserve interest rate cuts.

The first move is widely expected to come at the Sept. 17 meeting with a 25-basis-point reduction, followed by additional cuts in October and December.

Lower-rate expectations are keeping Wall Street upbeat, even as the labor market stagnates.

The U.S. labor market hit the brakes hard this summer, showing cracks not seen since the COVID-19 pandemic.

In August, nonfarm payrolls rose by just 22,000 — down from July’s weak 79,000 gain — and June was revised to show a net loss of 13,000 jobs, the worst monthly point since December 2020.

The three-month average now sits at 29,000, a level so low that it virtually seals the case for Federal Reserve interest rat

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