Payrolls Increased, Unemployment Held Steady in August


The Bureau of Labor Statistics reported this morning that the USA economy added 156,000 jobs in August, which is down from June and July totals, and fell short of expectations.

The unemployment rate ticked up one-tenth of a percentage point to 4.4 percent.

Still, the report shows job growth spread across most of the economy, with almost two-thirds of industry sectors adding jobs during the month.

The annual increase in average hourly earnings was 2.5% for a fifth straight month.

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The Red Cross will also be sending trailers full of shelter supplies including cots and blankets for more than 20,000 people. The storm came in as a Category 4 late Friday night and threw heavy winds and buckets of rain all at once.

The August report does not include any effects from Hurricane Harvey, as the collection of the data used for the report was completed before the storm struck.

Trump has pledged to add 25 million jobs over the next decade - a goal economists say is unrealistic.

The Institute for Supply Management said Friday that its manufacturing index rose to 58.8 percent last month from 56.3 percent in July.

With payroll gains for the prior three months revised downward by a cumulative 48,000, average monthly job creation for 2017 now stands at 176,000, compared to 187,000 in 2016.

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Because the debt limit must be raised this autumn, the feud over the border wall threatens even graver consequences than usual. And in the end, Trump is not likely to alienate forever GOP leaders - given the ongoing Russian Federation investigation.

The August jobs report is out and it's a miss.

The jobless figure is calculated from a separate household survey, and by this measure the economy did not generate enough new work opportunities in August to meet the growth in the working-age population. Unemployment was expected to come in at 4.3 percent. Professional and business services saw the biggest gains in August, with payrolls in this sector rising by 40,000.

"August's employment report was disappointing across the board", said Paul Ashworth, the chief USA economist for Capital Economics. Given the choppiness of the data from month to month, a soft August should not be of great concern, though, and there were encouraging signs such as the job gains in cyclical industries such as manufacturing and construction.

The next important stat in this report is wage growth. 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. The average hourly wage crept up only a few pennies to $26.39, but a drop in the length of the average work week means the average worker's weekly paycheck actually got slightly smaller.

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The first chance of the game fell to Ayew, latching onto the end of Abraham's cross but his header flew just wide of the goal. Clement's side had fought out a goalless draw at Southampton before losing 4-0 at home to Manchester United last weekend.