Published: Mon, September 10, 2018
Money | By Ralph Mccoy

August Jobs Report: Economy Adds 201000 Jobs; 3.9 Percent Unemployment

August Jobs Report: Economy Adds 201000 Jobs; 3.9 Percent Unemployment

On the positive side, however, the number of full-time jobs in August rose by 40,400.

The economy also added 201,000 jobs in August, higher than what economists predicted.

The job gains for August were roughly in line with the average for the last 12 months, which is 196,000. He has also raised pay for other workers who were already earning more than the minimum. The average hourly wage in construction was up 3.3 percent over the previous year, but the gain was 3.5 percent back in September of 2016.

In early July, the Trump administration slapped tariffs on $34 billion in Chinese imports and announced a proposed list of tariffs on another $200 billion in Chinese goods.

Average hourly earnings for employees on private, nonfarm payrolls rose 10 cents to $27.16 in August. The annual gain followed a 2.7 percent advance in July.

Here are the highlights of the three most closely-watched components of the report: payrolls, wages and unemployment.

The steady jobs report will likely keep the Federal Reserve on track to boost its key interest rate two more times this year - despite President Trump's criticism of the Fed over raising rates. In particular, the Fed may view the increase in wages as a sign inflation is picking up. Wholesalers added 22,400 jobs.

Industries such as health care, business services and wholesale trade saw significant job gains over the past month. Healthcare added 41,000; transportation and warehousing, 20,000; and leisure and hospitality, 17,000.

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Manufacturers cut 3,000 jobs last month, the first time they have cut jobs in about a year.

The figures from the Labor Department showed construction firms hired 23,000 more workers last month, while the professional and business services industries added 53,000 posts.

Still, 6.2 million people were counted among those unsuccessfully looking for work in August.

The unemployment rate for African Americans fell sharply from 6.6 percent to 6.3 percent, the second lowest on record behind May's 5.9 percent.

Another measure showed diminishing labour-market slack.

"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.

Even while reporting a robust job gain for August on Friday, the Labor Department revised sharply down its estimate of hiring in June and July. But monthly additions are still averaging a muscular 207,000 this year.

After years of job growth, workers may finally be getting more money in their paychecks.

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