A slower but solid gain in U.S. employment in August sparked a rise in stocks on Friday as Wall Street assessed one of the last major economic reports the Federal Reserve will see before it raises its benchmark interest rate at its upcoming September meeting.
The economy added a robust 315,000 new jobs in August, the Labor Department said Friday, roughly in line with expectations of 318,000 jobs from a survey of economists by The Wall Street Journal, and well off the 526,000 gains in July. Federal Reserve Chair Powell said in his Jackson Hole address last Friday that the central bank will continue its battle to get the annual inflation rate back to its 2% target “until the job is done” despite the “unfortunate cost” to bring some pain to households and businesses.
See: Trading on ‘Goldilocks’ jobs report may be hazardous as S&P 500 encounters stiff technical resistance
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