America’s employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending but still added 315,000 jobs.
. Friday's report from the government also showed that the unemployment rate rose to 3.7%, up from a half-century low of 3.5%. Yet that increase was also an encouraging sign: It reflected a long-awaited rise in the number of Americans who are looking for work.
“Jobs are up, wages are up, people are back to work and we're seeing some signs that inflation may be, may be ... beginning to ease,” President Joe Biden said Friday.in July from 9.1% in June, mostly as gas prices steadily dropped. Prices at the pump fell to $3.81 a gallon Friday from a peak of $5.02 in mid-June. But inflation has declined in the past only to jump higher again, and few economists are willing to declare yet that it has peaked.
Gaske suggested that the figures could allow the Fed to raise its benchmark short-term interest rate by a half-percentage point at its next meeting later this month, rather than by three-quarters of a point, as many Wall Street traders and some economists have expected. Either size increase would exceed the Fed's typical hike of a quarter of a percentage point.
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Slower US Job Gain in August Could Aid Fed's Inflation FightAmerica’s employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending, all of which weakened the outlook for the economy. The government reported that the economy added 315,000 jobs last month, down from 526,000 in July and below the average gain of the previous three months. The unemployment rate rose to 3.7%, from a half-century low of 3.5% in July, as more Americans came off the sidelines to look for jobs. The smaller August gain will likely be welcomed by the Federal Reserve. The Fed is rapidly raising interest rates to try to cool hiring and wage growth, which have been consistently strong.
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Slower US job gain in August could aid Fed's inflation fightAmerica’s employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending, all of which weakened the outlook for the economy.
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US: Weaker jobs report in all the right ways – Wells FargoThe US official employment report showed the US economy added 315K jobs in August, slightly above expectations of 300K; the unemployment rate rose une
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August Jobs Report Shows U.S. Added 315,000 JobsU.S. employers added 315,000 jobs in August, a slower but still solid pace in a tight labor market, while the jobless rate rose to 3.7% WSJWhatsNow
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