The U.S. economy added more jobs than economists expected last month, but the diminishing rate of monthly new hires is ominous, National Urban League CEO Marc Morial said Friday on CNBC.
The August Labor Department employment report shows payrolls increased by 1.37 million with most hires coming in government and retail.
“There ought to be a cautionary note on this report, because this report portends, I think, some tough and difficult days ahead,” Morial, former mayor of New Orleans, said in a “Power Lunch” interview.
“We’ve got to look at this report in the context of what’s happened over the last several months and the uncertainty of the months ahead.”
Morial said he is concerned about both where employment expansion was concentrated and the slowdown