Forecasters believe that trend continued in August, estimating that the Labor Department’s monthly report on Friday will show the addition of 170,000 jobs.
That would be a decrease from the 218,000-job average over the previous three months, and closer to the number needed to employ the approximately 140,000 people who enter the labor force each month.
But analysts say the Federal Reserve’s push to cool rapid inflation by ratcheting up borrowing costs — and the impact on hiring — has a ways to go.
Immigrants work at higher rates than the American-born population, in which labor force participation is declining as people age into retirement.
Already, Americans are feeling the difference: In the Conference Board’s reading of consumer sentiment for August, the share of workers saying jobs were “hard to get” increased sharply, while the share saying jobs were “plentiful” fell.
Persons:
—, ’ ”, Stephen Juneau, Bank of America Merrill Lynch, “ There’s, we’ve
Organizations:
Labor, Bank of America
Locations:
American, ”