US payrolls growth in the year through March is forecasted to be weaker by an estimated 500,000 jobs, according to a preliminary benchmark revision, however, average job growth is expected to remain strong at around 300,000 payrolls per month and economists do not anticipate a significant shift in labor market conditions.
Job creation in the US slowed in August, indicating that the strong economy could be starting to weaken under pressure from higher interest rates. Private employers added 177,000 jobs, well below the previous month's total of 371,000. Pay growth also slowed, suggesting more sustainable growth as the effects of the pandemic recede. Investors and economists remain uncertain about the future of US inflation and whether the economy can continue to grow without a significant slowdown.
Private employers in the U.S. added fewer jobs than expected in August, indicating a slowdown in the labor market and suggesting that the rapid job growth seen in recent years is no longer sustainable.
Private sector employment increased by 177,000 jobs in August with an annual pay increase of 5.9 percent, signaling sustainable growth as the effects of the pandemic recede.
The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.
