Nonfarm payroll employment up by 128,000

I'm working on a longer more analytical post on this. For now, you can read this: (Reuters)

WASHINGTON (Reuters) - U.S. employers added 128,000 workers to their payrolls in August, evidence of a cooler -- but still solid -- pace of economic growth that could let the Federal Reserve hold interest rates steady.

"It looks an awful lot like a soft landing, at least for now," said Dana Johnson, chief economist at Comerica Bank in Detroit. "It's an economy that is not firing on all cylinders -- it's got a clear concentration of weakness in the housing sector -- but, otherwise, an economy that is moving ahead at something resembling a trend-like pace."

The prospects for a soft landing will be the topic for a post or two next week. Are the 128,000 jobs added this month a sign that the economy is still fundamentally on track or that recession looms? More to come.