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August job creation disappoints

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August job creation disappoints

151,000 jobs created misses expectations; wage growth slows.

The US Bureau of Labor Statistics reported today that total nonfarm payroll employment rose 151,000 in August, and the unemployment rate remained steady at 4.9%.

Consensus estimates had expected an increase of 180,000 new jobs and a slight decline in the unemployment rate to 4.8%.

In what might be a telling sign, the largest job gains came from bar and restaurant employment, which increased by 34,000. Other service-related jobs increased 71,000, comprising the bulk of the growth.

The historically low employment participation rate remained unchanged at 62.8%, still near its lowest level since the 1970s.

Average hourly earnings for all employees on private nonfarm payrolls increased only 3 cents, falling to 2.4% on an annualized basis, and average hours worked per week decreased by 0.1 hours to 34.3 hours.

The full report can be found here.

 

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