Payroll Growth Very Modest In August— Fed Likely To Reduce Interest Rates This Month
1. U.S. added only 22,000 payroll jobs in August, well below expectations. 2. Most sectors contracted; only healthcare, social assistance, and leisure showed growth. 3. Unemployment ticked up to 4.3% amid a shrinking labor force. 4. Federal employment dropped sharply, foreshadowing further declines. 5. Federal Reserve may lower interest rates due to softening job market.