FILE - Carolina Wilson, with the United States Postal Service, left, talks with prospective job applicants at a job fair, Aug. 29, 2024, in Sunrise, Fla.
Collectively, Friday’s figures depict a job market slowing under the pressure of high interest rates but still growing. Many employers are responding to the resilience of consumers,even after adjusting for inflation. A survey of service sector companies, including banks, restaurants and health care providers, found that their sales and hiring both rose.Fed to cut its key interest rate
Becky Frankiewicz, North American president of the staffing firm ManpowerGroup, said that uncertainty around the presidential election and the Fed’s next moves are causing many companies to hold back on new investments and hiring. Recent economic data has been mixed, elevating the importance of the jobs report, which is among the more comprehensive economic snapshots the government issues. The Labor Department surveys roughly 119,000 businesses and government agencies and 60,000 households each month to compile the employment data., a collection of anecdotes from the 12 regional Fed banks, reported that many employers appeared to have become pickier about whom they hired in July and August.