Is the Job Market Cooling?
Is the Job Market Cooling? |
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| The payroll company ADP reports that businesses added 177,000 workers in August. That’s a slowdown from the last three months, where payrolls expanded on average 345,000.
Why it matters: The jobs market has been incredibly hot for months now, even with rising interest rates. We are watching the jobs market closely because slowing job creation is a key indicator the Fed is monitoring as a sign that inflation is easing. Dig deeper: If that trend continues, the Bureau of Labor Statistic’s August jobs figure could be smaller than the 235,000 anticipated. We will report on the jobs data next week. |