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 Labor Department’s jobs report, released Sept. 3, shows that non-farm payroll employment rose by 235,000 in August, down from an upwardly revised 1.05 million jobs added in July and far below the FactSet-provided consensus forecasts of 750,000. “While revisions were favorable, it’s a big surprise and very disappointing,” economist Mohamed El-Erian, president of Queens’ College, Cambridge University, said on Twitter. “Some will point to the #DeltaVariant impact. Others will add the malfunctioning of the labor market in matching workers to #jobs. Look for more talk of stagflationary winds,” he added, referring to a scenario in which growth slows while inflation remains stubbornly high. The disappointing jobs report is a major data point for investors fixated on …
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