Charting the Global Economy: US Job Growth Softer Than Forecast
An employee arranges merchandise at a store in Richmond, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
US employers added fewer workers in August than forecast and job growth in the prior two months was marked down, further evidence of a softening labor market that’s fueling debate over how much the Federal Reserve should reduce interest rates.
Shortly after the figures were released, Fed Governor Christopher Waller said in a speech that he was “open-minded” about the potential for a bigger rate cut and would advocate for one if appropriate. “The current batch of data no longer requires patience, it requires action,” he said. US central bankers meet on Sept. 17-18.