August Job Growth Fell Short of Expectations

Posted on 09/06/2019 10:35 AM

Non-farm payrolls climbed by 130,000 in August, which was about 30,000 jobs lighter than expected. And the unemployment rate held steady at 3.7%, which was in line with expectations. “Employment in federal government rose, largely reflecting the hiring of temporary workers for the 2020 Census. Notable job gains also occurred in health care and financial activities, while mining lost jobs,” the Bureau of Labor Statistics reports. The labor force participation rate edged up to 63.2% in August, but it is little changed for the year.

Average hourly earnings for private nonfarm payrolls climbed another 11 cents to $28.11 an hour in August. Over the past year, earnings are up 3.2%. The duration of the average workweek also edged 0.1 hour higher to 34.4 hours last month.

Also of note, the Labor Bureau lowered its June payrolls by 15,000 to 178,000 payrolls. It also trimmed its July payrolls by 5,000 to 159,000 jobs added. The Bureau of Labor reports job growth has averaged 158,000 per month so far this year, which is under the average monthly gain of 233,000 payrolls in 2018.

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