Jobs Report Paints Mixed Picture

National

Fewer jobs than expected were added in August, but with unemployment holding steady, opinions differ on the overall health of the economy.

(NBC News) A new report shows U.S. employers added 130,000 jobs in August.

That’s below expectations, but unemployment is holding steady at 3.7 percent, near the lowest in five decades.

What those numbers really mean, however, depends on who you ask.

President Trump tweeted “the economy is great,” and blamed media coverage for any uncertainty.

“The numbers for August are fabulous, fabulous,” says Larry Kudlow, director of President Trump’s National Economic Council. “The underlying strength of the economy is really much better than most people seem to think.”

Critics see signs of a deepening slowdown for the U.S. labor market as the trade war with China drags on.

The chairman of the Federal Reserve said Friday he’s not expecting a recession, but that the president’s trade policy is causing “some uncertainty.”

“We are monitoring them very carefully and conducting policy in a way that will address them,” Chairman Jerome Powell said.

President Trump often blames the Federal Reserve for not cutting interest rates further to stimulate the economy, but some analysts say the central bank has little room to act if we do hit a recession.

Read more: https://nbcnews.to/2lGVQ4w

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