US Job Growth Surges Past Expectations in August, Easing Slowdown Fears

The Labor Department reported on Friday that the economy added 162,000 jobs in August.

American employers hired far more workers than expected last month, offering a strong signal that the job market has more strength left in it than many had feared.

The Labor Department reported on Friday that the economy added 162,000 jobs in August. The unemployment rate stayed flat at 4.1%, matching where it stood the month before.

That gap matters because recent months had stirred worry that hiring was cooling off faster than officials wanted. Friday's report pushes back on that narrative and suggests employers are still willing to bring on staff.

That revision carries real weight. What had initially looked like a decline in hiring during that stretch has now been recalculated as a gain once the updated figures are factored in.

Fed Chairman Kevin Warsh addressed the labor market last week, saying modest job growth was to be expected given how little the labor supply is expanding. He described the broader economy as being in line with full employment.

"The Fed's predominant focus right now should be on prices," Warsh said.

Fed Governor Christopher Waller echoed that stance on Thursday, calling the labor market "stable"…

Original source: https://www.timesnownews.com/world