President Biden speaks about the August jobs report. The economy added 315,000 jobs last month, exceeding economists' expectations but far below July's blowout report when employment surged by a revised 526,000 positions.
The nation's unemployment rate rose to 3.7% from 3.5%, and the labor force participation rate ticked up 0.3 percentage points to 62.4%.The August jobs report is among the key economic data the Federal Reserve will review when it meets later this month to decide how much to ratchet up its benchmark interest rate in order to stifle stubbornly high inflation. The Fed has been battling the highest inflation in 40 years by implementing punishingly high rate hikes.
But even the slower pace of August's increase would be considered acceptable to the Fed, said Brian Bethune, an economics professor at Boston College."I don't think the Fed wants to see things suddenly decelerate, nor do they want to see things move at too rapid of a rate for the economy to adjust," he said."What the Fed wants is the Goldilocks economy. They want it to be moving along at a steady pace — but not too fast; not too hot, not too cold.
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