US economy adds fewer jobs than expected in August
Investing.com -- The US economy added fewer jobs than anticipated in August, but rose from a sharply revised July figure, according to Labor Department data that could factor into the Federal Reserve's next policy decisions.came in at 142,000 last month, up from a heavily downwardly-revised mark of 89,000 in July. Economists had called for a reading of 164,000, up from the initial July mark of 114,000.
Crucially, the nonfarm payrolls data will likely play heavily into how Fed Chair Jerome Powell approaches a much-anticipated shift away from a focus on taming inflation to preparations aimed at guarding against job losses. Powell said in August that the"time has come" to adjust monetary policy due to potential"downside risks" facing the US jobs picture.
This week, other Fed officials have voiced similar sentiments. In an interview with Reuters, San Francisco Fed President Mary Daly argued that if the Fed's monetary policy became"overly tight" it could lead to"additional slowing" in the US employment picture.) closely-monitored FedWatch Tool, analysts are all but convinced the Fed will roll out a reduction in borrowing costs at the central bank's upcoming two-day gathering from Sept. 17-18.
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