TechFlow news: U.S. job growth rebounded slightly in August, but the Federal Reserve is still on track to begin cutting interest rates at its meeting two weeks from now.
Data from the U.S. Bureau of Labor Statistics showed the economy added 142,000 jobs, an increase compared to July. The weaker-than-expected job growth in July had sparked concerns about economic slowdown and rattled global financial markets.
Meanwhile, the unemployment rate edged down to 4.2% in August. The latest nonfarm payrolls report did not clearly resolve uncertainty among Fed officials over whether to cut rates by a traditional 25 basis points or a more aggressive 50 basis points. Fed's Williams declined to comment on the potential size of the first rate cut.
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