Pace of U.S. hiring accelerates

10 September, 2018, 00:48 | Author: Mary Valdez
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Wages picked up in August, with the annual wage growth increase moving up to 2.9 percent from August's 2.7 percent. What was initially estimated as a payroll increase of 157,000 for July was revised downward 10,000.

This jobs report is likely to bolster the Federal Reserve's decision to raise interest rates, as it is widely expected to do when it holds a policy meeting September 25-26. "Given the amount of fiscal stimulus that the economy is benefiting from, it's going to take a lot to get it off that high".

Professional and business services led the gains with 53,000.

There is also a broader unemployment statistic kept by the Bureau of Labor Statistics known as the U6. The U.S. economy averaged 215,000 jobs a month in the first half of the year, a sign companies continue to grow and don't anticipate a downturn anytime soon.

The economy has added jobs for 94 straight months, beginning in October 2010 under President Obama. Still, rising inflation, which also reached 2.9 percent in July from a year earlier, has offset that gain. Average hourly wages are now 2.9 percent above where they were a year earlier, the fastest year-over-year gain in eight years.

The details across industries showed manufacturing payrolls fell by 3 000 in August, breaking an nearly yearlong streak of solid gains and missing the median estimate for a 23 000 increase.

There were 50,000 fewer jobs in June and July than initially reported.

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The dollar firmed against a basket of currencies after the report, while U.S. Treasury yields rose. US companies across a range of industries have expressed alarm about those import taxes and about counter-tariffs that other nations have imposed on USA exports.

The economy is expanding at a healthy pace, fueled by tax cuts, confident consumers, greater business investment in equipment and more government spending.

The government imposed import duties on goods including steel, aluminum, washing machines, lumber and solar panels early this year to protect USA industries from what Trump says is unfair foreign competition.

Employment at sporting goods, hobby, book and music stores rebounded by 9,200 jobs in August after shedding 30,300 jobs in July related to the closing of all Toys-R-Us stores.

The stronger than expected jobs number is particularly notable because August has produced disappointing jobs numbers in recent years.

Inside Friday's report, manufacturing payrolls were a bit of a disappointment, dropping by 3,000 after having been solid in both June and July. Manufacturing employment was weighed down by declines in machinery, computer and electronic products and motor vehicle and parts industries. That includes people who are unemployed, working a part-time job when they want a full-time job, or have dropped out of the labor force because they have become discouraged. Wholesalers added 22,400 jobs last month. Silver is forecasting August payrolls rose by 225,000.

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

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