Total nonfarm payroll employment remained strong in August, increasing by 315,000, while the unemployment rate rose to 3.7%, the Bureau of Labor Statistics (BLS) reported on Sept. 2.

                By                    Yaёl Bizouati-Kennedy

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Investors and economists are now pondering how this new data will affect the Federal Reserve’s decision at its upcoming Sept. 20-21 meeting, and whether it will ease its pace of hiking interest rates. In turn, all eyes are on upcoming Consumer Price Index (CPI) data, which will be released Sept. 13, and which will provide a clearer picture of Americans’ financial situation.

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Some analysts have less decisive views, such as Matthew Kopko, VP public policy at DailyPay, who said: “This most recent jobs report doesn’t help us solve the mystery of where the economy is going. People generally expect the Fed to raise rates again, unless the economy turns aggressively sour. Uncertainty is pretty high at this point and companies and consumers are acting cautiously as a result.”

According to some experts, today’s report helped the dovish position on interest rate hikes because unemployment rose, and wages were soft. David Russell — VP, market intelligence at TradeStation Group — believes that 100 basis points isn’t really in the cards for September’s meeting, and now 50 basis points looks a bit more likely.

Time to Cut Credit Card Debt, Expert Says

“While all of this is interesting, I think the consumer advice remains the same. Interest rates have already risen sharply this year, and further increases are very likely,” Rossman said.

He added that the average credit card rate — 17.96% — is the highest it has been since 1996.

“This is really expensive debt, so get that 0% balance transfer card or a low-rate personal loan as a form of debt consolidation,” he recommended. “Or seek nonprofit credit counseling, take on a side hustle or cut your expenses. Every dollar of credit card debt that you pay off represents a guaranteed, risk-free, tax-free return of whatever your interest rate is — often 15%, 20% or more,” he said.

High Interest Rates Hurting Demand in Real Estate Market

In terms of mortgages, Rossman noted that the average 30-year fixed mortgage rate is 5.78%, up from 3.27% at the start of the year, which is significantly affecting home affordability and dampening demand.

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“While credit card rates are almost certainly going to continue to rise, the path forward for mortgage rates is less certain,” he said, adding that unlike credit cards, these don’t directly track the Fed’s actions.” Of course, while rates are an important part of the home-buying decision, other factors are very important as well, including your overall financial situation, your job stability, how long you plan to stay in the home.”