US President Joe Biden gave indication of decrease in inflation and said that it may be easing. He made the comments on Friday (September 2) as he responded to Labor Department’s report which said that jobs had increased by 315,000 last month. Biden did mention that he did not want to ‘overpromise’ but welcomed the upward trajectory of jobs and wages.
US employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% suggested the labor market was starting to loosen, raising cautious optimism that the Federal Reserve could slow the economy without triggering a recession.
The Labor Department’s report also showed 107,000 fewer jobs created in June and July than the initial estimate. The report was closely watched but it has not decisively settled debate on whether US central bank would deliver a third 75 basis point or half-a-percentage point rate hike at its policy meeting this month.
The increase in the unemployment rate to a six-month high came as nearly 800,000 people entered the labor market, driving the size of the labor force to a record high. The labor market remains strong, underscoring the economy’s resilience despite gross domestic product contracting in the first half of 2022.
(With inputs from agencies)
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