U.S. Adds 162,000 Jobs as Unemployment Holds at 4.1% — SkimNews
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- U.S. employers added 162,000 jobs in August, more than triple the 53,000 economists anticipated, while unemployment held at 4.1%.
- Labor Department revisions released Friday added 55,000 jobs to the June and July estimates and flipped the initially reported July decline into a gain.
- Local government education restored 42,000 jobs in August, largely reversing losses from the prior month, while restaurants and bars also posted notable gains.
- The labor force participation rate rose to 61.6%, reversing part of its recent decline as more Americans worked or sought work.
- Federal Reserve officials were considering whether to raise interest rates later in September, with stubborn inflation now their chief concern.
- Kevin Warsh said low job gains were natural given slow labor-supply growth and argued that the Fed’s predominant focus should be on prices.
- Christopher Waller described employment as stable and near its maximum sustainable level, saying labor conditions should play little role in determining rates.
Why it matters: For Federal Reserve officials, the 162,000-job gain and 4.1% unemployment rate make the labor market a secondary concern in rate-setting debates; Waller said employment should play little role in the path of rates, leaving stubborn inflation as the chief issue.
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