Job growth in Texas slowed sharply in August, reflecting a national economy increasingly weighed down by high inflation, rising interest rates and fears of a recession.
Economists have expected the labor market to downshift as the Federal Reserve tries to put the brakes on an economy that has fueled the hottest inflation in 40 years. The Fed has boosted its benchmark interest rate four times this year — including two dramatic increases of three-quarters of a percent — and is expected raise rates sharply again when policy makers meet next week.
The region added the largest number of jobs on record for this calendar month other than in August 2020, when the economy was just reopening.
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