August labor report: 201,000 more jobs, and pay keeps pace

10 September, 2018, 00:48 | Author: Martin Tyler
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That's because this long-awaited for raise could mean that prices will be rising here faster than America's central bank had been expecting.

Wage growth - and more specifically, the lack of vigorous pay raises - continued to be an issue in the report from the Bureau of Labor Statistics, with average hourly earnings nudging slightly upward to 2.9 percent annual growth from July's 2.7 percent. With the jobs growth coming in above the threshold required to keep the unemployment rate on hold or lower, the U3 reading held steady at 3.9%, even as the labor force participation rate dipped from 62.9% in July to 62.7% in August.

The drop last month was fuelled by a loss of 92,000 part-time positions.

But the 201,000 job gain in August was almost equal to the average gain of 196,000 over the prior 12 months, evidence of how consistent job growth remains. "While the magnitude of any potential downward bias to August data can vary depending on the way it is measured, we think that it is probably modest (likely around 10-20k)", Silver said.

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Private sector payrolls rose by 204,000. The report cemented expectations for a third interest rate increase from the Federal Reserve this year when policymakers meet on September 25-26.

Investors will look to see if tech stocks can get a bounce after three-straight losing days for the Nasdaq as emerging markets remain under pressure.

August's job creation figure was higher than July's downwardly revised total of 147,000.

Job gains in August were nearly across all sectors, though manufacturing payrolls fell by 3,000.

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In terms of the larger context, this morning's data points to 1.65 million jobs created so far in 2018, which is quite good, and which is an improvement on the totals from the first eight months of 2016 (1.59 million) and 2017 (1.51 million). That raised the annual increase in wages to 2.9 per cent in August, the largest increase since June 2009, from 2.7 per cent in July.

But a broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell one-tenth of percentage point to 7.4%, the lowest level since April 2001.

Hiring in the construction sector and in professional services helped the economy to add 201,000 jobs last month.

The reports for the two previous months were revised lower.

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Until Osaka's run this year, the best NY performance by a Japanese woman was 2004 when Shinobu Asagoe reached the quarterfinals. Open semifinals and the first to reach any Grand Slam semifinal since Kimiko Date did it in 1996 at Wimbledon.

Friday's August jobs report from the government also showed that paychecks are growing faster.

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