Fed's Mester: 'Job market is still strong' despite higher unemployment

Federal Reserve Bank of Cleveland President Loretta Mester said the "job market is still strong" following the release of new data showing unemployment unexpectedly increased as the labor market continued to show signs of cooling.

The US economy added 187,000 jobs in August. Economists surveyed by Bloomberg had expected the economy would add 170,000. The numbers are not expected to radically change the thinking of most Fed officials heading into their next policy meeting later this month. The data likely keeps more rate hikes on the table but it allows the central bank to move cautiously by likely pausing in September and then possibly raising in November.

Any future decisions from the Fed, Mester said Friday, "will require close monitoring of economic, banking, and financial market developments and using all of that economic reconnaissance to determine whether the economy is evolving in line with the outlook or not."rebalancing as "incomplete." Powell has repeatedly noted that getting inflation back down to the Fed's 2% goal will require "some softening in labor market conditions.

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