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| Name | US hiring slows as employers add 315,000 jobs |
| Video Uploader | Video From AP Archive |
| Upload Date | This Video Uploaded At 07-09-2022 16:16:40 |
| Video Discription | (2 Sep 2022) RESTRICTION SUMMARY: ASSOCIATED PRESS Potomac, Maryland - 2 September 2022 1. SOUNDBITE (English) Mark Hamrick, Senior Economic Analyst, Bankrate:: "On the face of it, this is a very strong jobs report, 315,000 jobs added on the month. We've had essentially a winning streak with respect to the number of jobs that are being added monthly. It's just that this one is a little cooler than the month before." ++BLACK FRAMES++ 2. SOUNDBITE (English) Mark Hamrick, Senior Economic Analyst, Bankrate:: "Yes, it's true, the unemployment rate rose two tenths of 1% to 3.7%. But we got an additional 800,000 Americans in the workforce. And that is part of the solution toward addressing the 11.2 million job openings that we have compared to 6 million officially unemployed. So it may be that the job market will continue to cool in the coming months, but it's still red hot from the Federal Reserve's perspective, given the imbalance between the jobs that are open and the number of Americans who are available to fill those millions of positions." ++BLACK FRAMES++ 3. SOUNDBITE (English) Mark Hamrick, Senior Economic Analyst, Bankrate:: "We're not necessarily seeing a big pullback on the part of the consumer yet what the respect to higher interest rates but inflation is doing part of that work for the Fed. There's an old saying the cure for high prices is high prices. And a recent Bankrate survey indicated that almost half of Americans are now pulling back on discretionary purchases as one way of preparing for what they fear is a possible recession between now and the end of next year." ++BLACK FRAMES++ 4. SOUNDBITE (English) Mark Hamrick, Senior Economic Analyst, Bankrate:: "If the Fed is successful in putting a number of interest rate hikes through, perhaps one as soon as later this month, the impact of that will be seen on the job market. That will be seen in fewer jobs added and a continued rise in the unemployment rate. So some of the recent data we've seen with respect to employment may be as good as it gets, meaning we could have bottomed out on unemployment at three and a half percent, now that we've risen to 3.7 and we may well see a continued stair stepping lower with respect to the number of jobs that are added in coming months." ++ENDS ON SOUNDBITE++ STORYLINE: America's employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending but still added 315,000 jobs. The government reported Friday that last month's job gain was down from 526,000 in July and below the average gain of the previous three months. The unemployment rate rose to 3.7%, from a half-century low of 3.5% in July, as more Americans came off the sidelines to look for jobs. Even though the job gain declined from July, the report still pointed to a resilient labor market and an economy that is not near recession. The number of people looking for work jumped last month, which boosted the unemployment rate because not all of them found jobs immediately. The influx of job seekers may help employers fill a near-record number of openings in the coming months. The smaller August gain will likely be welcomed by the Federal Reserve. The Fed is rapidly raising interest rates to try to cool hiring and wage growth, which have been consistently strong. Businesses typically pass the cost of higher wages on to their customers through higher prices, thereby fueling inflation. =========================================================== Clients are reminded: Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/29c9152f73614638a5a376040de8063a [0TEWTliHexw] |
| Category | News & Politics |
| Tags | 29c9152f73614638a5a376040de8063a | 4395295 | AP Archive | Business | Government and politics | Jerome Powell | Mark Hamrick | Social affairs | US Economy Jobs Report |
