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Mediocre Jobs Report from US Dept of Labor
[CNBC] Job growth continued at a tepid pace in August, with nonfarm payrolls increasing by just 130,000 thanks in large part to the temporary hiring of Census workers, the Labor Department reported Friday.The increase fell short of Wall Street estimates for 150,000, while the unemployment rate stayed at 3.7%, as expected. An alternative measure of the jobless rate, which includes discouraged and underemployed workers, increased to 7.2% from 7% in July, due mainly to a 397,000 increase in those working part-time for economic reasons. Wage growth remained solid, with average hourly earnings increasing by 0.4% for the month and 3.2% over the year; both numbers were one-tenth of a percentage point better than expected. the article doesn't say so but I am quite sure that at this point one of the reasons for smaller employment growth is that there is a labor shortage in many parts of the country. Also the wage growth is fabulous given the tame inflation. Posted by: lord garth 2019-09-06 |
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