Steady US Labor Market Supports Fed's Inflation Fight

The US labor market is showing steady growth, according to economists' predictions. The Bureau of Labor Statistics will release its monthly jobs report on Friday, and estimates suggest a 55,000 increase in payrolls after July's unexpected dip. This would be consistent with average job growth this year.

Fed Chairman Kevin Warsh said that the stable job market has fueled consumer spending and allowed the broader economy to forge ahead. The steady labor demand combined with limited layoffs are 'consistent with full employment', he stated at the US central bank's annual conference in Wyoming.