“We believe that the unemployment rate is running basically consistent with full employment,” Federal Reserve Chair Kevin Warsh said during his press conference following the September Fed meeting . In addition to a jobless rate of 4.1%, Warsh cited favorable trends for job openings and weekly hours, as well as unemployment claims. "So the labor side of the Fed's congressional remit is in good shape." Indeed, a blowout August jobs report underscores the resilience of the U.S. economy amid a "geopolitical landscape of shocks and uncertainty," as Warsh describes it. The U.S. added 162,000 new jobs in August, far surpassing a consensus forecast of 58,000.
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