The labor market cooled somewhat in August after two consecutive months of robust growth, adding 151,000 jobs. (Bureau of Labor Statistics report.)
Payroll and wage growth moderated, weekly hours slipped, and the unemployment rate held steady at 4.9 percent. Although many economists expect labor market growth to moderate as the economy nears full employment, will the Fed wait for signs of overheating before moving to raise interest rates?
For more analysis see The Top Line below and online as a .pdf file here.