Does The Jobs Report Change Anything?

Does The Jobs Report Change Anything?

Does The Jobs Report Change Anything?

Still, the report shows job growth spread across most of the economy, with almost two-thirds of industry sectors adding jobs during the month. The average workweek for all workers fell to 34.4 hours from 34.5 hours.

The jobless figure is calculated from a separate household survey, and by this measure the economy did not generate enough new work opportunities in August to meet the growth in the working-age population. June was also revised downward from 231,000 to 210,000 jobs, so things trended downward for the quarter as well, in retrospect.

The unemployment rate had little change, ticking up from 4.3 percent to 4.4 percent. The average growth rate in the first half of the year was 2.1 per cent. Wage growth was disappointing, despite solid economic expansion and steady hiring.

Lewis Alexander, chief US economist at Nomura, said low productivity growth and other structural factors will hold down overall economic growth in a Friday research note.

Silvia said he thinks the economic effects of Harvey will likely begin to surface in the coming months for reports on industrial production, retail sales and applications for unemployment benefits.

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While Hurricane Harvey has shut down much of business in the Houston metropolitan area in the last week, the storm had no impact on this jobs reading, the Labor Department said.

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

The August report, however, may have included statistical anomalies that will be ironed out in future. Economists had expected the unemployment rate to remain unchanged. Since November 2016, 155,000 jobs have been added in the manufacturing sector, as manufacturers continue to express confidence in the president on issues ranging from taxes to trade.

And while the seasonal adjustment process appears to have potentially hampered headline numbers on Friday, Bespoke notes that secondary indicators of labor market strength have been "overwhelmingly positive" in August. Temporary help services employment was almost flat in August, adding 100 jobs.

Employment in other major industries, including wholesale trade, retail trade, transportation and government.

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