- Title: 'Robust' demand for workers, analyst comments on August jobs report
- Date: 2nd September 2022
- Summary: NEW YORK, NEW YORK, UNITED STATES (SEPTEMBER 1, 2022) (REUTERS) WORKER CLEANING FLOOR IN OFFICE BUILDING WORKER TAKING OUT PIZZA FROM OVEN VENDOR SELLING FRUIT IN TIMES SQUARE WASHINGTON, DISTRICT OF COLUMBIA, UNITED STATES (SEPTEMBER 2, 2022) (REUTERS) (SOUNDBITE) (English) MORNING CONSULT, ECONOMIC ANALYST, JESSE WHEELER, SAYING: "The jobs report today was very strong. T
- Embargoed: 16th September 2022 16:14
- Keywords: 75-basis-point interest rate hike Federal Reserve Labor Department U.S. employers employment inflation labor market nonfarm payrolls wages workers
- Location: VARIOUS
- City: VARIOUS
- Country: USA
- Topics: Economic Events,United States
- Reuters ID: LVA001218501092022RP1
- Aspect Ratio: 16:9
- Story Text: U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% could ease pressure on the Federal Reserve to deliver a third 75 basis point interest rate hike this month.
The Labor Department's closely watched employment report on Friday (September 2) also showed a dip in the average workweek.
The increase in the unemployment rate came as more than 700,000 entered the labor market, pushing the size of the labor force to a record high.
The overall strength in the labor market underscores the economy's resilience, despite the front-loading of rate hikes by the U.S. central bank that have raised the risk of a recession.
Fed Chair Jerome Powell last week warned Americans of a painful period of slow economic growth and possibly rising unemployment as the central bank aggressively tightens monetary policy to quell inflation.
The survey of establishments showed nonfarm payrolls increased by 315,000 jobs last month.
Data for July was revised slightly down to show payrolls surging 526,000 instead of 528,000 as previously reported.
August marked the 20th straight month of job growth.
Employment is now 240,000 jobs above its pre-pandemic level.
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