Nonfarm payrolls increased 315,000 last month and the unemployment rate unexpectedly rose to a six-month high of 3.7%, the first increase since January, as the participation rate climbed, a Labor Department report showed Friday.“You could still flip a coin on how big of an increase they do in September,” said Diane Swonk, chief economist at KPMG LLP.
Fed officials have been aggressively raising interest rates to cool the hottest price pressures in nearly four decades and have vowed they will keep at it despite the likely pain this will cause the public. “This increases the odds of a soft landing and allows the Fed to back off,” said Neil Dutta, head of US economic research at Renaissance Macro Research LLC. “Wage growth has moderated somewhat.”
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