A scorching U.S. jobs market caught a slight chill in August, but the Federal Reserve aims to keep raising interest rates aggressively until demand for labor cools off a lot more.
There were some signs of cooling last month. The number of new jobs created in August slipped to 315,000 from a five-month high of 526,000 in July. And wages rose at the slowest pace in four months. The number of open jobs in August won’t be available until the government’s next report in another month, but it’s unlikely to show much change. In July, there were 11.2 million open jobs. vs 5.7 million unemployed.
Hourly pay has risen at a 5.2% rate in the past 12 months, more than double the average annual increase in the decade before the pandemic. The central bank rate hikes are aimed at slowing the economy and reducing business demand for labor to help alleviate inflation.
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