August’s payroll gain was a slowdown from July’s job gains, causing economists to wonder how the Federal Reserve will interpret those numbers.
Employers added 151,000 jobs in August, a drop from the more than 270,000 jobs added in the previous two months. Though the number of new hires last month was lower than expected, job growth increased enough to absorb most of the labor market entrants, and unemployment numbers at 4.9% hovered in a range that Federal Reserve policymakers consider the longer-term average, the Wall Street Journal reports.
August's jobs report will be the final one central banker’s have to review during their Sept. 20-21 meeting, when they’re set to rigorously discuss the health of the economy and the possible timing of a rate hike before the year’s end. “While the report is solid, it falls short of providing a resounding vote for a September move by the Fed,” says market strategist at Prudential Financial Quincy Krosbyl. [WSJ]
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