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Employers added 142,000 jobs in August, rebounding from prior month

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Employers added 142,000 jobs in August, reflecting a rebound from weak hiring in the prior month that unsettled markets and raised concerns about cracks in the U.S. economy. 

Still, the number was lower than the 160,000 new jobs forecast by economists surveyed by FactSet. Unemployment eased slightly to 4.2%, in line with expectations, according to data released Friday by the Bureau of Labor Statistics.

In July, employers added 114,000 jobs, far fewer than economists had forecast, while the unemployment rate jumped to 4.3%. 

Wall Street is closely watching today’s jobs report for clues for how it might influence the Federal Reserve’s next rate decision, which is scheduled for September 18. Economists are unanimous in predicting the central bank will shave its benchmark rate at that meeting, but are split on whether the rate could be shaved by 0.25 percentage points or 0.5 percentage points, with many foreseeing a bigger cut if the job market shows additional signs of weakness. 

Fed Chair Jerome Powell last month signaled that bank officials are planning for a September cut, saying “the time has come” for the central bank to adjust its monetary policy given signs that inflation continues to cool. He didn’t disclose the size of the expected cut, however. 

“Fed officials have gained more confidence that inflation is on a sustainable path back to its 2% objective and are now increasingly focused on downside risks to the labor market,” noted Nancy Vanden Houten, lead U.S. economist at Oxford Economics, in a September 5 report.

She added, “Overall, the labor market is still relatively healthy, mainly because layoffs remain low, but appears increasingly vulnerable to a scenario where rising unemployment triggers a cycle of reducing spending and greater job losses.”

— This is a breaking story and will be updated.



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Sean “Diddy” Combs taken into federal custody in New York

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Sean “Diddy” Combs has been taken into custody by federal authorities in New York, CBS News confirmed Monday night. 

In recent months, the hip-hop mogul has faced multiple accusations of sexual abuse and physical violence. In March, Combs’ homes in Los Angeles and Miami were raided by Homeland Security Investigations agents and other law enforcement officers due to a possible ongoing sex trafficking investigation, U.S. officials said at the time, but no charges were filed then. 

The charges against Combs on Monday were not immediately known. 

“We are disappointed with the decision to pursue what we believe is an unjust prosecution of Mr. Combs by the U.S. Attorney’s Office,” Marc Agnifilo, an attorney for Combs, said in a statement. “Sean ‘Diddy’ Combs is a music icon, self-made entrepreneur, loving family man, and proven philanthropist who has spent the last 30 years building an empire, adoring his children, and working to uplift the Black community. He is an imperfect person but he Is not a criminal. To his credit Mr. Combs has been nothing but cooperative with this investigation and he voluntarily relocated to New York last week in anticipation of these charges. Please reserve your judgment until you have all the facts. These are the acts of an innocent man with nothing to hide, and he looks forward to clearing his name in court.”

Combs has faced a number of lawsuits in recent months involving allegations of sexual misconduct and violence. Combs and his representatives have denied all the accusations. 

In May, Combs apologized for a security video aired by CNN that appeared to show him attacking Cassie, whose legal name is Casandra Ventura, in a Los Angeles hotel hallway in 2016. He said his behavior was “inexcusable” and he takes “full responsibility” for his actions.

This is a developing story and will be updated.

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White House seeks to boost Secret Service funds after 2nd Trump shooting

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White House seeks to boost Secret Service funds after 2nd Trump shooting – CBS News


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The Biden administration is asking Congress to increase Secret Service funding following Sunday’s apparent assassination attempt on former President Donald Trump. This request comes about two weeks before money for the federal government runs out. CBS News congressional correspondent Scott MacFarlane has the latest.

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9/16: The Daily Report with John Dickerson

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9/16: The Daily Report with John Dickerson – CBS News


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John Dickerson reports on the status of the investigation into Sunday’s apparent assassination attempt against former President Trump, TikTok’s appeal as it faces a possible ban in the U.S., and what’s on the campaign agenda with just 50 days to go until the election.

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