The increase in employment in September is forecast to slip to 275,000 from 315,000 in August, according to a poll of economists by The Wall Street Journal.
The number of new workers hired in September could fall to a one-and-a-half-year low, but the U.S. jobs market is still too hot for a Federal Reserve that worries a labor shortage is adding to high inflation.Wall Street forecast The slowdown in job creation comes as no surprise. Millions of people were hired or rehired after the economy began to recover from the pandemic, leaving relatively little available labor on the sidelines.
Evidence is mounting that companies are cutting back. Job openings sank by more than 1 million in August, for example, and layoffs rose to an 18-month high. The low unemployment rate explains why companies have so much trouble filling open jobs — there’s simply not enough labor to go around. Size of labor force The share of the working-age population in the labor force rebounded in August to match a six-month high of 62.4%. That means 62.4 of every 100 able-bodied people 16 or older are working or looking for work.
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