The US economy added 162,000 jobs in August, an uptick after a sluggish summer, with the unemployment rate holding steady at 4.1%, according to the Bureau of Labor Statistics. June and July job growth were revised upward, with June now at 31,000 and July at 21,000, after initial reports showed weaker figures. Economists had expected at least 50,000 new jobs, and the ADP report showed private companies added only 38,000 in August, the lowest since January. The labor market appears stalled in a "slow hire, slow fire" state, with layoffs down 41% from last year. Rising inflation, which reached 3.4% in July, has pressured the economy, and higher Treasury yields may increase borrowing costs. Economists anticipate at least one Fed rate hike before year-end, though Fed Chair Kevin Warsh has not signaled a specific move.
Automatic Data Processing IncADP report shows private companies added only 38,000 jobs in August, indicating weak labor market demand for its services.
