US labor market added just 142,000 jobs in August, weaker than expected

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Business Nouvelles

Federal Reserve,Inflation,Interest Rates

Fed Chair Jerome Powell has made clear that he doesn’t want to see the job market weaken further.

The American labor market weakened last month as employers added just 142,000 jobs in August — well below analyst estimates of 161,000.

Reductions in the Fed’s benchmark rate will eventually lead to lower borrowing costs for a range of consumer and business loans, including mortgages, auto loans and credit cards. And a survey by the Conference Board in August found that the proportion of Americans who think jobs are hard to find has been rising, a trend that has often correlated with a higher unemployment rate.

 

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