US job growth surges; wage gain largest since 2009

10 September, 2018, 00:47 | Author: Darnell Patrick
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Given the latest numbers, job gains have averaged 185,000 a month over the past three months and 196,000 a month over the past year. The revisions to June and July's figures meant 50,000 fewer jobs were created than previously estimated. They increased payrolls by 18,000 jobs in July.

Another month for 2018 is in the rearview mirror, and another jobs report has revealed that the USA labor market continues to chug along at a steady pace. Nonfarm payrolls rose 201 000 from the prior month, topping the median forecast for 190 000 jobs, after a downwardly revised 147 000 advance.

Professional and business services led the gains with 53,000.

Jason Mazzarone, chief executive of SoBol, a restaurant chain that sells a variety of acai bowls, says he is paying workers more, mostly because of higher minimum wage laws in NY and other states where his 26-store chain operates.

Job gains for August were spread out among industry sectors. Evidence of wage growth in a tight labor market will only serve to incentivize Fed policymakers even more to tighten rates over the coming months (even if those expectations were significantly elevated already). Employment increased 6,000 in mining. Goldman Sachs reckons the measurement glitch reduced last month's job count by at least 40,000.

This August jobs report shows that finally some of that good news is trickling down to American workers - even if it creates a possible headache for the Federal Reserve.


That unemployment rate was 7.4 percent in August, down from 8.6 percent a year ago.

Global outplacement firm Challenger, Gray & Christmas said on Thursday there were 521 tariff-related job cuts in August, but these were largely offset by the hiring of 359 workers by steel producers. Manufacturing employment fell for the first time in a year. In recent years, Labor has revised up its initial estimates for August, often significantly.

That raised the annual increase in wages to 2.9% in August, the largest increase since June 2009, from 2.7% in July. Wholesalers added 22,400 jobs. That gauge includes part-time workers who'd prefer a full-time position and people who want a job but aren't actively looking.

Waletzke said employers are also offering other incentives that might not show up in the Bureau of Labor Statistics data, such as increased wellness benefits and child care.

Annual wage growth hit a nine-year high in the USA last month as the economy created more jobs than expected.

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