came in strong despite signs of cooling. The economy grew with 187,000 jobs in August, slightly beating experts’ predictions. Still, the unemployment rate increased to 3.8% in August, up from the 3.5% recorded last month.
"The report also suggested that wage growth — a key concern for Fed policymakers — is moderating," Jim Baird, Plante Moran Financial Advisors' chief investment officer, said in a statement. "Average hourly earnings rose by 0.2% for the month, a pace that should be much more palatable to the Fed as they work to get the inflation genie back in the bottle."
Some experts also believe that recent employment data could convince the Fed to put a break on interest rate hikes at its next meeting. "This report should be enough for the Fed to keep the federal funds target rate on hold at its next meeting," MBA Senior Vice President and Chief Economist Mike Fratantoni said in a statement. "We expect that they will hold here until next spring, and their next move should be cut. The combination of a still strong job market, and rates that should trend down over time, is positive for the housing market.
If you’re worried about rising mortgage rates, you could refinance your home loan to a lower rate to help you cut your monthly payments.