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Key points:
The unemployment rate ticked down to 4.2%, as the dramatic rise in July reverted due to a drop in temporary layoffs. Payroll jobs grew by 142,000 in August, but the three-month average dropped to 116,000 as June and July’s gains were revised down. The labor market isn’t deteriorating as quickly as last month’s report indicated, but it does continue to cool off. Hopefully, policymakers can step in and provide some relief.
The good news from the August jobs report is that the labor market isn’t weakening as quickly as July’s shaky report would have you believe.