US Hiring Comes Up Short in Possible Warning Sign for Fed
US hiring fell short of forecasts in August after downward revisions to the prior two months, a development likely to fuel ongoing debate over how much the Federal Reserve should cut interest rates.
Nonfarm payrolls rose by 142,000 last month, leaving the three-month average at the lowest since mid-2020, Bureau of Labor Statistics data showed Friday. The unemployment rate edged down to 4.2%, the first decline in five months, reflecting a reversal in temporary layoffs.
The median forecast in a Bloomberg survey of forecasters called for 165,000. Bloomberg Economics predicted 145,000.