The Department of Labor’s Bureau of Labor Statistics reported that 22,000 jobs were added to the U.S. economy in August, which was significantly lower than the 75,000 estimated by analysts.
The bureau also revised July’s job numbers up 6,000 and June’s down 13,000. While last month’s unemployment rate increased from 4.2 to 4.3 percent, the rate of wage growth in the nation is now trending higher than inflation.
After Federal Reserve Chair Jerome Powell responded to the report by saying that “downside risks to employment are rising,” economists are anticipating that the central bank will lower interest rates later this month at their policy meeting.
As the Lord Leads, Pray with Us…
- For Chairman Powell and officials in the Federal Reserve to be prudent as they assess U.S. economic indicators.
- For wisdom for Secretary Chavez-DeRemer as she oversees the Department of Labor and its various agencies.
- For President Trump and his Cabinet members as they endeavor to support the nation’s job market and economic growth.
