Shifting economic conditions are raising the possibility of a US recession. The US Bureau of Labor Statistics (BLS) released the jobs report on Friday September 6, which showed that nonfarm payrolls grew less than expected, while overall unemployment edged higher. The news dragged ultra-low-sulfur diesel (ULSD) futures on the Chicago Mercantile Exchange to a fresh three-year low of $2.12 per gallon.
Nonfarm payrolls were reported at 142,000 in August, up from 89,000 jobs in July but below the Dow Jones consensus forecast of 161,000 jobs. The unemployment rate came in at an expected 4.2% for August, but the BLS’s most expansive measure of labor underutilization, the U6 rate, came in at 7.9%, up from 7.8% in July and at its highest since October 2021.
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12.31.2024
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