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U.S. added 162,000 jobs in August, but wage growth continues to lag inflation
Confirmed
In Short: U.S. employers added 162,000 jobs in August, marking a significant rebound from the 23,000 jobs lost in July, according to forecasts by FactSet.
U.S. employers added 162,000 jobs in August, marking a significant rebound from the 23,000 jobs lost in July, according to forecasts by FactSet.
Economists at Wells Fargo noted that the robust job market supports consumer spending and has raised expectations for a Federal Reserve rate hike to combat persistently high inflation.
Despite the positive job numbers, wage growth remains a concern, lagging behind the pace of inflation, which continues to be a challenge for consumers.
What's confirmed
What's still developing
- The August jobs report likely showed that U.S. employers – companies, government agencies and nonprofits – collectively added a net 65,000 jobs last month after they unexpectedly slashed 23,000 in July, according to a survey of forecasters by the data firm FactSet.
- “August’s blowout jobs report provided evidence of a stable labor market heading into the fall, supporting resilient consumer spending but also raising market expectations for a near-term Fed rate hike amid unacceptably high inflation,” Wells Fargo’s Jennifer Timmerman said.