Lower US job gains in August could help Fed fight inflation | Company

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WASHINGTON (AP) — U.S. employers added a fair number of jobs last month, but slowed hiring enough to potentially help the Federal Reserve in its fight to curb runaway inflation.

The economy gained 315,000 jobs in August, a still-strong figure that points to an economy that remains resilient despite rising interest rates, high inflation and sluggish consumer spending. Friday’s government report also showed the unemployment rate rose to 3.7% from a half-century low of 3.5%. Yet this increase was also an encouraging sign: it reflected a long-awaited increase in the number of Americans looking for work.

“This is a very positive report and still leaves open the possibility of a soft landing,” said Ellen Gaske, economist at PGIM Fixed Income, referring to the Fed’s aim to slow the economy enough to cool. inflation without going so far as to cause a recession.

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