The Fed thought it was seeing a ‘solid’ jobs market. Turns out that was just an illusion.

1. U.S. economy added only 22,000 jobs in August, indicating labor market weakness. 2. Unemployment rate rose to 4.3%, the highest since fall 2021. 3. Fed expected to cut interest rates amid rising unemployment concerns. 4. Job market stress suggests companies are hesitant to hire more. 5. Sector hiring increases in hotels and restaurants signal consumer spending stability.