If cases fell, it could pave the way for stronger job performance in the coming few months
IN RETROSPECT it seems so obvious. A non-farm payroll report published on September 3rd showed that 235,000 jobs were created in America in August, down from a monthly average of more than 1m since June. The sharp deceleration came as daily covid-19 cases soared to their highest levels since the start of the year. In driving up America’s covid-19 infections sharply, the fearsome Delta variant also weighed down the economy.
The weak jobs report will probably make the Federal Reserve inclined to wait before beginning to unwind its extraordinary stimulus measures. Some analysts had thought the central bank might announce “tapering”—a reduction in its monthly purchases of bonds—in September. A delay may now seem more prudent. The unemployment rate continued to edge down, but there are still nearly 6m more Americans out of work than before the pandemic.
The report also underlined just how complicated the Fed’s task is at the moment. The slowdown in job creation stemmed in large part from tightness in the labour market,Wages rose by 0.6% compared with July as employers struggled to fill vacancies. That is likely to add to inflationary pressures, which could ultimately push the Fed to begin tapering earlier than it would otherwise like..
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