U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% suggested the labor market was starting to loosen
Nonfarm payrolls increase 315,000 in AugustAverage hourly earnings gain 0.3%; up 5.2% year-on-yearWASHINGTON, Sept 2 - , raising cautious optimism that the Federal Reserve could slow the economy without triggering a recession.
The survey of establishments showed nonfarm payrolls increased by 315,000 jobs last month, after surging 526,000 in July. August marked the 20th straight month of job growth. Employment is now 240,000 jobs above its pre-pandemic level. The broad increase in hiring last month was led by the professional and business services industry, which added 68,000 jobs. Healthcare payrolls increased by 48,000 jobs.
The Fed has twice raised its policy rate by three-quarters of a percentage point, in June and July. Since March, it has lifted that rate from near zero to its current range of 2.25% to 2.50%. Financial markets are pricing a roughly 58.0% probability of a 75 basis points increase at the Fed's Sept. 20-21 policy meeting, according to CME's FedWatch Tool. That is down from 70% before the release of the employment report.
"This is a pressure release valve that could help the Fed accomplish its task of bringing down inflation and achieving a soft landing," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management in Dallas.
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