US Created 156000 Jobs In August

02 September, 2017, 01:12 | Author: Valerie Burke
  • Mario Tama  Getty

The U.S. added 156,000 new jobs last month, according to the Labor Department's latest employment report.

The unemployment rate, meanwhile, rose a tick to 4.4% from 4.3%.

The economy created 156,000 new jobs in August, a lighter than expected increase but still plenty enough to keep the US growing at a steady clip and give out-of-work Americans more hope.

"Over the past 12 months, average hourly earnings have increased by 65 cents, or 2.5 percent", the report added.

The report comes as southeast Texas begins recovery efforts following historic flooding from Hurricane Harvey, but the BLS said the hurricane had no discernible effect on the employment and unemployment data for August.

The economy has grown at a subpar annual pace of 2.1 percent during the first six months of 2017.

Inflation is low. Consumer spending in July rose at its fastest pace in three months.

August's underemployment rate (the U-6 unemployment rate), which includes those out of work and those working part-time but who would like to have full-time work, stood at 8.6%, unchanged from July.

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July's strong jobs report also revised down slightly, with nonfarm payrolls rising by 189,000 during the month, below the 209,000 that was initially reported by the BLS.

Overall, hiring this year has averaged 176,000 a month, close to 2016's average of 187,000.

The report was something of a disappointment, as investors and economists had been looking for job growth in the 180,000 to 190,000 range. The labor force is growing at most by 100,000 per month, or half the growth in jobs.

"With the survey evidence still strong and third-quarter economic growth on course for another decent gain after the second, there is no reason to believe that the modest drop-off in employment growth is the start of a more serious downturn", said Paul Ashworth, chief United States economist at Capital Economics.

The leading source of job growth was in manufacturing, which added 36,000 jobs.

Employment in the fields of construction, professional and trade services, mining and health care each rose in August, continuing a five-month trend.

But increased consumer sentiment failed to increase retail hiring. Retailers hired just 800 workers.

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