August Job Gains Blew Past Estimates. Here's What It Means for the Fed.
Payroll gains of 162,000 in August may alter what the Fed does in the coming months.
Overview
The labor market is proving to be more resilient than many people thought. It may result in a headwind for the stock market.
The U.S. economy added 162,000 new jobs in August, according to the monthly report issued Friday by the Bureau of Labor Statistics. That's about triple the 53,000 new jobs economists predicted.
Details
So, the question everyone on Wall Street is now asking is: What does that mean for the Federal Reserve, which will meet mid-month (Sept. 15 to 16) to discuss monetary policy and decide whether to change its current target interest rate?
Source
Originally published at www.fool.com.
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