US adds a strong 201K jobs; unemployment stays at 3.9 pct

US adds a strong 201K jobs; unemployment stays at 3.9 pct

Hiring rebounded in August as employers added 201,000 jobs and the labor market continued to defy worker shortages and USA trade battles. Analysts polled by Thomson Reuters anticipated an additional 191,000 jobs with the unemployment rate decreasing to 3.8 percent from July's 3.9 percent.

Economists surveyed by Bloomberg expected 195,000 payroll gains.

The unemployment rate was 6.0 per cent compared with 5.8 per cent in July. June's gain was lowered from 248,000 to 208,000 and July's from 157,000 to 147,000.

And while August's report was an overall strong reading for the us economy, the labor force participation was a disappointment, dropping to 62.7%. In recent years, Labor has revised up its initial estimates for August, often significantly. They increased payrolls by 18,000 jobs in July.

Government payrolls decreased by 3 000.

The Trump administration has imposed tariffs on imported steel and aluminum as well as on $50 billion of goods from China. The average hourly wage increased by 2.9 percent over the past year.

Wage growth accelerated, with hourly earnings rising 2.9 percent year-over-year. The large increase could indicate that wage growth is finally picking up more rapidly amid an intense competition for workers.

As scores go low at BMW, Justin Rose grabs first place
Tiger Woods hits his second shot on the third hole during the first round of the BMW Championship golf tournament at Aronimink GC. Woods also had a disappointing second day and slipped five shots off the lead to tied 12th after a level-par 70.

Following Friday's report stock futures were lower and Treasury yields higher as investors see this report as indicating a more inflationary economic environment, one that is unlikely to see the Fed change its plans to raise rates two more times this year. Wages have been closely tracked for signs of building inflation pressures in the economy. Wholesalers added 22,400 jobs.

August's job gains were driven by professional and business services as well as health care and wholesale trade. Healthcare added 41,000; transportation and warehousing, 20,000; and leisure and hospitality, 17,000.

Notably, the manufacturing sector lost about 3,000 jobs in August. But construction added 23,000 jobs despite dire worker shortages as builders continue to respond to low housing supplies. That gauge includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking. Of those, 1.3 million have been out of work for 27 weeks or longer.

The improvement likely shows the strong labor market is helping underemployed as well as jobless Americans.

"There is certainly nothing in this report that would tell the Fed they shouldn't move ahead with their plans to raise rates", said Betsey Stevenson, a labor economist at the University of MI who served on the White House Council of Economic Advisers during the Obama administration. But monthly additions are still averaging a muscular 207,000 this year. This is the best annual private wage growth figure since May 2009.

"With the tax cuts and spending increases creating a sugar high, there is little reason to expect labor demand to moderate over the rest of this year or even in the first half of next", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

Related News:

Most liked

Strengthening Hurricane Florence blasts toward US East Coast
Cruise lines are redirecting their ships to avoid the path of Hurricane Florence as it begins to bear down on the United States. With the region now in Florence's projected path, weather officials are advising area residents to start making preparations.

Japan: Two killed after 6.7-magnitude quake hits Hokkaido island, triggers landslides
Abe's Liberal Democratic Party begins a leadership contest on Friday but said there would be no campaigning through to Sunday. The regional government said the bullet train to the provincial capital, Sapporo, was due to reopen later in the day.

Windows 10 support extended again: September releases now get 30 months
The options for deferring updates are also different in Windows 10 Enterprise and Pro editions than in the Home edition. Instead, Microsoft says it is now giving IT admins more time to prepare their systems for updates.

Obama stumps for Democrats in California
We're supposed to stand up to bullies, not follow them", he said to applause. "The biggest threat to our democracy is cynicism". His comments came during a speech at the University of IL at Urbana-Champaign, where he accepted an ethics in government award.

Sources Say Les Moonves Wanted To Destroy Janet Jackson's Career
Moonves ordered Viacom properties VH1 and MTV, and all Viacom-owned radio stations, to stop playing Jackson's songs and music videos .

I love my Jordans, but Nike's collaboration with Colin Kaepernick rings hollow
According to Edison Trends , an e-commerce research firm, Nike's online sales soared 31 percent following labor day weekend. He has filed a grievance against the league, alleging that owners colluded to keep him unsigned.

Section 377: Supreme Court Renders India's Archaic Law Unconstitutional In Historic Verdict
Would you like to get published on Standard Media websites? "Now the bigger task is to bring about acceptance in society. Activists had been fighting the ban since the 1990s, suffering several court reversals before Thursday's verdict.

US Open 2018: Rafael Nadal beats Dominic Thiem in epic quarter-final
After the match, he told the crowd he felt badly for Thiem but suggested the best is yet to come for the young Austrian. That mistake might have stayed in Nadal's head, because he played terribly in the ensuing tiebreaker.

Google Announces ‘Made By Google’ Event For October 9
That said, while Google has announced its October 9 event, it still hasn't revealed what it's going to announce at the event. Pixel 3 and Pixel 3 XL is the third generation line of smartphones Pixel, which was first introduced by Google in 2016.

Nokia 9 live photo reveals 5 cameras at the back
If we had to venture an educated guess, their should be one standard RGB lens, then a monochrome one, like the Nokia 8 featured. The expected price of the phone is north of Euro 700; but we'd rather wait till Nokia reveals the actual price.

Donald Trump says he will testify before Bob Mueller 'under certain circumstances'
That is not going to happen", said Giuliani, who was a federal prosecutor before becoming mayor of NY . Trump has said he knew nothing about the meeting before it happened.

Up to five dead at Bedford home
He would not name the regional police station the man went to because of the "highly emotive" nature of the situation. Just two months ago, an Ellenbrook mother and her two children were also found dead inside their suburban home.

Side of sea grass please: Scientists find omnivorous shark
As the seagrass took root, the researchers added sodium bicarbonate powder made with a specific carbon isotope to the water. Scientists fed lab sharks with seagrass and saw they all gained weight and more than met their energetic demands.

Central Illinois under flash flood watch through Sunday morning
A flood watch will be in effect for Centre County, and more than 30 other Pennsylvania counties, beginning at 8 p.m. And that 4 inches is on top of about 1 inch that central OH had already received from the storm system as of 6 p.m.

Diesel and petrol prices rise by around 50 paise per litre
An official told the daily that the government can not , "disturb fiscal maths by cutting excise duty on petrol and diesel". Petrol pump operators said over the past 10 days, the maximum fuel prices rose to was 42 paise a litre.