News Worms
News Worms

Job numbers for August expected later today

Job numbers for August expected later today

The Labor Department said Thursday the USA economy created 156,000 jobs in August and unemployment remained at 4.4%, matching a near 16-year low set in June.

USA job creation slowed in August while the unemployment rate moved a notch higher, according to a key data report released Friday.

The U.S. produced 156,000 new jobs in August, below Wall Street's forecasts but still enough to keep a growing economy on an even keel. Wage growth typically averages 3.5 percent to 4 percent annually when unemployment is this low.

The report noted that August's survey data collection was completed before Hurricane Harvey struck the Gulf Coast.

Mining continued to add jobs in August (+7,000), with all of the growth in support activities for mining. Earnings were expected to rise 0.2% over the prior month and 2.6% over the prior year.

The August jobs report showed that roughly the same proportion of people last month as in July either had a job or were looking for one.

As a result, the average monthly employment gain for 2017 has been 176,000.

Friday's report from the Bureau of Labor Statistics also cut previous estimates for job growth in June and July by a combined 41,000 - the July figure was revised to 189,000 from 209,000, and the June number dropped to 210,000 from 231,000. Basically, the BLS is reporting that the US economy remains on its path of growth. Since November 2016, 155,000 jobs have been added in the manufacturing sector, as manufacturers continue to express confidence in the president on issues ranging from taxes to trade.

Still, the August jobs report comes as Americans have grown more optimistic. Construction employment jumped by 28,000 jobs last month. Professional and business services led the job gains, with 40,000.

In a note to clients ahead of the report, Spencer Hill, an economist at Goldman Sachs, said he expected the report would show 160,000 jobs were created in August. The yield on the benchmark 10-year Treasury fell to 2.10%, the lowest level all year, before rebounding to 2.13%, essentially unchanged, according to Tradeweb. But economists expect initial unemployment claims to jump over the next few weeks as many businesses and workers have been immobilized by the devastating storms in Houston and across the Gulf Coast.


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