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US employers added a solid 187,000 jobs in August in sign of a still-resilient labor market

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A decelerating job market could help shift the economy into a slower gear and reassure the Fed that inflation will continue to ease.

The central bank’s streak of 11 interest rate hikes has helped slow inflation from a peak of 9.1% last year to 3.2% now. Given signs that inflation is slowing, many economists think the Fed may decide no further rate hikes are necessary.

“This is close to what the Fed wants to see,’’ said Gus Faucher, chief economist at PNC Financial Services Group. The August jobs report “could be a way to a soft landing.” By contrast, trucking companies shed 37,000 jobs, reflecting the shutdown of the Yellow trucking company. And music and movie companies lost 17,000, a drop that the Labor Department attributed to striking Hollywood actors and writers.

 

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