Solid US job growth is likely to be reported for August

Larry Summers Tariffs will hurt working people

Larry Summers Tariffs will hurt working people

Employment increased 6,000 in mining.

Job gains were noted in health care, transportation, wholesale trade and construction.

Job growth averaged 185,000 per month in the past three months.

The U.S. economy added jobs for the 95th straight month in August, a record-setting streak.

That level of hiring would slightly exceed the pace in July, when employers added 157,000 jobs.

There is also a broader unemployment statistic kept by the Bureau of Labor Statistics known as the U6. Automakers typically retool their factories for new model year cars over the summer, which can temporarily distort the job figures.

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- Headline jobs growth comes in at +201K, and the unemployment rate held at 3.9%. That may be due to a pool of discouraged and other workers who had been on the sidelines, but some experts believe that supply will soon run thin.

The drop last month was fuelled by a loss of 92,000 part-time positions.

In early July, the Trump administration slapped tariffs on $34 billion in Chinese imports and announced a proposed list of tariffs on another $200 billion in Chinese goods.

The real standout in the report, however, were the gains in average hourly earnings, which rose 0.4% over last month and 2.9% over past year. The annual gain followed a 2.7 percent advance in July.

"More Americans have jobs and wages are rising".

A lack of wage gains has been a major blemish on an economy that President Donald Trump has called the strongest ever - and is now being boosted by his tax-cut stimulus.

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The economy is at or near full employment, depending on who you ask, so economists have been expecting wages to rise for some time. Wholesalers added 22,400 jobs.

However, the manufacturing sector shed 3,000 jobs - the first fall since July 2017.

Construction companies hired 23,000 more workers last month. Of that number, 1.3 million people have been searching for work for at least 27 weeks.

The improvement likely shows the strong labor market is helping underemployed as well as jobless Americans.

Across all sectors besides management occupations, installation, maintenance and fix workers had the lowest unemployment rate, at 2.5%.

Another measure showed diminishing labour-market slack.

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The report eases concerns that job growth is slowing significantly as a result of worker shortages and mounting trade worries. They increased payrolls by 18,000 jobs in July, while government employment fell 3,000 in August. But monthly additions are still averaging a muscular 207,000 this year. "August had highest wage growth since April 2009". Some economists fear the stimulus will push up long-term interest rates and crimp economic growth by 2020.

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