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undergroundnewsroom.com December 16, 2017


August Jobs Report Misses Estimates, Market Reaction Muted

02 September 2017, 01:15 | Gordon Grant

After hours

After hours

The ranks of the unemployed rose by 151,000 to 7.13 million, while the employment level fell 74,000 to 153.4 million. The unemployment rate for Asians was also higher, though for positive reasons: More people began actively seeking work and were counted as unemployed if they didn't immediately find a job. After-all, it has been a decade since the job market was last at full-employment, and numerous Millennials that joined the workforce during this time don't know how to ask for a raise.

The unemployment rate, which is calculated from a different survey of households, ticked up to 4.4 per cent from a 16-year low of 4.3 per cent in July.

The labor force participation rate held steady in August at 62.9%, while the underemployment rate, which tracks folks out of work and those who would like full-time work but are working part-time, also held steady at 8.6%.

"Job gains occurred in manufacturing, construction, professional and technical services, health care, and mining", the monthly jobs report noted.

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Payroll employment rose a smaller-than-expected 156k in August with 41k worth of downward revisions to June and July gains combined. August was the 83rd straight month of job gains.

Underscoring labor market strength, manufacturing payrolls surged by 36,000 jobs.

Gus Faucher, chief economist at PNC Financial, predicts that job growth in the coming months "will weaken substantially" in the wake of Harvey, only to rebound quickly as workers who were temporarily laid off are rehired. Retailers hired just 800 workers. Wages increased by 3 cents to an average of $26.39 an hour, the government said Friday.

Brady said he was pleased the economy grew by 3 percent of GDP in the second quarter of 2017, and that his committee's efforts to cut taxes could boost American hiring. Over the past year, average hourly earnings have risen by 65 cents, or 2.5%. The rate is still down half a point from a year ago and twice that when including sources of "hidden unemployment" like discouraged workers. Specifically, policymakers have been looking for signs of accelerated wage growth, which has been stuck around 2.5 percent for most of the year.



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