Economy

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

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

The U.S. economy added jobs 201,000 in August, slightly above expectations as the job market picked up steam again.

Job gains in August suggest that President Trump's trade war has yet to have a widespread hit to workers, although a handful of companies have announced layoffs already and more have threatened to ax jobs if Trump moves forward with additional tariffs, especially on China.

Job growth averaged 185,000 per month in the past three months. The economy needs to create 120,000 jobs a month to keep up with growth in the working-age population.

The jobless rate remains well below Fed estimates of levels sustainable in the long run. Growth reached 4.2 percent at an annual rate in the April-June quarter, the fastest pace in four years.

This developing report will be updated. The annual gain followed a 2.7% advance in July.

Government payrolls decreased by 3,000. The problem for workers, however, is that inflation has risen to 2.9 percent as well, meaning that the inflation-adjusted "real" wage gain is zero over the past 12 months., according to the Bureau of Labor Statistics. Because of those strong numbers, unemployment rates remained at an historically low number at 3.9%.

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. That said, this year's tally is still short of the totals from the first seven months of 2014 (1.9 million) and 2015 (1.75 million).

US businesses added 204,000 jobs while federal, state and local governments lost 3,000.

Stevenson said economists will be watching whether employers are more willing to hire those groups of people given the limited number of available workers.

Manufacturing lost 3,000 jobs, which is surprising given other signs of strength in the manufacturing sector.

"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. Construction payrolls grew by 23,000 in August, however, continuing what's been a fairly strong summer of hiring in the sector.

This year is on track to be the best for job gains since 2015.

The June report was revised down from 248,000 jobs created to 208,000 - July was also reduced from 157,000 to 147,000.



Like this

loading...
loading...

Latest


10 September 2018
Helene Strengthens Into Hurricane, Expected To Become More Severe
Loewenthal said the area should prepare to see impacts, including rough surf and risky rip currents, as early as Sunday. Florence's immediate threat for residents includes large ocean swells, unsafe rip currents and coastal flooding.

09 September 2018
Japan natural disaster : Dozens missing, injured as powerful quake hits Hokkaido
Although Hokkaido Railway Co. canceled all special express runs for September 7, it planned to resume operations on local lines. Global flights at the main airport in Sapporo resumed operations on Saturday, while bullet trains began service the day before.

09 September 2018
CBS Chief Les Moonves Was Reportedly Obsessed With Ruining Janet Jackson
Though JT pulled her breast out, Jackson took all the blame and apparently, her apology did not match up to that of Timberlake's. Moonves ordered MTV and VH1 (both Viacom properties) and all owned-radio stations to stop playing Jackson's songs and videos.

09 September 2018
Foles shows off catching skills, Eagles beat Falcons 18-12
First was the odd decision not to have the team's best player, Julio Jones , on the field during the first failed red-zone trip. The NFL season is underway and Atlanta Falcons offensive coordinator Steve Sarkisian is already in midseason form.

09 September 2018
Huawei's excuse for benchmark manipulation: others do it!
UL say that "Delisted devices appear unranked, and without scores, at the bottom of our popular list of the best smartphones". Third, benchmarking companies have other methods to test a device's actual expected capabilities, which is a good thing.

09 September 2018
Nothing Unnatural about it: SC decriminalises Gay Sex, reads down Section 377
Sexual orientation of an individual is natural and discrimination on the basis of sexual orientation is a violation of Freedom of Expression, Supreme Court.

09 September 2018
Boris Johnson to divorce - but will it hit his leadership hopes?
Johnson is thought to be plotting a return to frontline politics following his resignation over Theresa May's Brexit plan in July. Of more than 1,300 people surveyed, 72% said the divorce was "not very" or "not at all" relevant to him being in the top job.

09 September 2018
Rudy Giuliani: Proposed sit-down between Trump and Mueller is a 'no-go'
That is not going to happen", said Giuliani, who was a federal prosecutor before becoming mayor of NY . "That's a no-go. Giuliani also told Politico that a deal is near for the president to provide written responses to Mueller's questions.

09 September 2018
#PlaidShirtGuy from Trump rally steps forward
Later Linfesty pinned a stylized rose emblem representing the Democratic Socialists of America to his right breast. The high school student told the Montana newspaper he requested tickets to the rally earlier in the week.

09 September 2018
United defender Shaw injured on England duty
In a message on Twitter, he wrote: "Thank you for all the love and support I am doing fine and am in the best hands". Shaw left the field on a stretcher after more than five minutes of medical attention.