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MNI BRIEF: US Aug Payrolls Slow As Expected; Supply Improves

(MNI) WASHINGTON
WASHINGTON (MNI)

Report also showed signs of some easing of job market tightness.

U.S. employers added 315,000 workers in August, slowing from the slightly downward revised 526,000 in July as markets expected, and the unemployment rate rebounded two-tenths to 3.7% as 786,000 people flowed into the workforce. S&P futures rose 0.6% on relief that the report wasn't stronger than expected, and the yield curve moved steeper on the data.

Wage growth also slowed to 0.3% from 0.5%, good news for Federal Reserve officials looking for signs that the labor market is coming off a boil. The FOMC is set to debate whether to hike by 0.75 pp for a third time later this month, with one more major piece of inflation data to come. (See: MNI INTERVIEW: Fed Likely To Hike Another 75BPs In Sept-Haslag)

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U.S. employers added 315,000 workers in August, slowing from the slightly downward revised 526,000 in July as markets expected, and the unemployment rate rebounded two-tenths to 3.7% as 786,000 people flowed into the workforce. S&P futures rose 0.6% on relief that the report wasn't stronger than expected, and the yield curve moved steeper on the data.

Wage growth also slowed to 0.3% from 0.5%, good news for Federal Reserve officials looking for signs that the labor market is coming off a boil. The FOMC is set to debate whether to hike by 0.75 pp for a third time later this month, with one more major piece of inflation data to come. (See: MNI INTERVIEW: Fed Likely To Hike Another 75BPs In Sept-Haslag)

Keep reading...Show less