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US: August employment growth robust, labour market pressure eases

by Babu Patil
US August employment growth robust, labour market pressure eases

U.S. employers hired more workers than expected in August. Moderate wage growth and a rise in the unemployment rate suggest the labor market is starting to loosen. Analysts say that the Federal Reserve could slow the economy without triggering a recession.

The Labor Department’s closely watched employment data on Friday, which revealed 107,000 fewer jobs added in June and July than anticipated, did not end the debate about whether the U.S. central bank would implement a third rate hike of 75 basis points, or half a percentage point, this month.

The unemployment rate rose to a six-month high as just over 800,000 people entered the labor force. The labor market is strong, despite a shrinking GDP in the first half of 2022.

According to a survey of businesses, nonfarm payrolls rose by 315,000 jobs in August after rising by 526,000 in July. August was the 20th month in a row with increased employment. The current number of jobs is 240,000, higher than before the pandemic....

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