Fed Chairman Jerome Powell's conviction that the inflation whipping through the economy this year soon will subside is not universally shared.

Trends in home prices and consumer confidence pointed to more inflationary issues on the horizon for the U.S. economy.

Private payrolls rose just 374,000 for the month, well below estimates but above July's 326,000, according to ADP.

The former chief economist of the World Bank told CNBC that the coronavirus pandemic has highlighted how the economic system isn't working.

The hiring blitz at bars and restaurants came to an abrupt halt in August as Covid-19 cases and a lack of workers kept employers from adding to payrolls.

Job creation for August was a huge disappointment, with the economy adding just 235,000 positions against expectations of 720,000.

August's jobs report, besides being a big disappointment, also showed that wages are rising even with weak hiring.

Interviews with officials along with their public comments show growing support for a faster taper timeline than markets had expected a month ago.

Consumers, concerned over Covid delta spread, likely spent less in July, economists say.