Inflation continued to surge in August, but appeared to settle at nearly the fastest pace in almost 13 years as the economy continues to emerge from the pandemic, the feds said Tuesday.
Friday’s lackluster non-farm payrolls report, which showed American employers adding far fewer jobs in August than expected, is likely to cool enthusiasm among Federal Reserve policymakers for a quick roll-back of stimulus, some experts believe.
The U.S. economy added 235,000 jobs in August and the unemployment rate dipped to 5.2 percent, the Labor Department said in its monthly labor assessment Friday.
The number of Americans applying for unemployment benefits rose for the first time in five weeks even though the economy and job market have been recovering briskly from the coronavirus pandemic.
States with Republican governors are leading the U.S. economic recovery from the coronavirus pandemic, while those run by Democrats – which tended to impose lengthier and stricter lockdowns on businesses – are faced with significantly higher unemployment rates.
