Higher than Expected Job Growth and Wage Gains in August Signal Economic Strength

The American economy added  201,000 jobs in August and the unemployment rate held steady at 3.9 percent.

Economists had forecast 191,100 new jobs and the unemployment rate falling to 3.8 percent.

Average hourly earnings increased 2.9 percent for the month on an annualized basis, according to a Department of Labor report released Friday. That also beat expectations for 2.7 percent wage growth. In dollar terms, average hourly earnings increased 10 cents from the previous month to $27.16.

Private sector payrolls rose by 204,000. Mining added 6,000 new jobs. Construction added 23,000, bringing its total to over 300,000 for the year.

Manufacturing lost 3,000 jobs, which is surprising given other signs of strength in the manufacturing sector.

The reports for the two previous months were revised lower. June’s jobs numbers fell from 248,000 to 208,000, while July’s declined from 157,000 to 147,000 in July. After revisions,  the economy has seen average monthly gains of 196,000 jobs over the past 12 months.

The broadest measure of unemployment, which included discouraged workers and those at jobs part-time for economic reasons, fell to 7.4 percent from 7.5 percent.

The stronger than expected jobs number is particularly notable because August has produced disappointing jobs numbers in recent years. Job creation came in below expectations in August 0f 2017, 2016, and 2015.

The bigger than expected wage numbers may weigh on the stock market Friday as investors are likely to think it will encourage the Federal Reserve to increase the pace of interest rate hikes  U.S. stock index futures fell in pre-market trading Friday morning after the release of the jobs report.

https://www.breitbart.com/economics/2018/09/07/u-s-economy-created-201000-jobs-in-august/

Nancy Pelosi Trashes Jobs Report Analysts Call ‘Greatest of All Time’

This Clueless Idiot is still the gift that keeps on giving

House Minority Leader Nancy Pelosi (D-CA), who would likely become Speaker of the House if Democrats win the midterm elections in November, trashed Friday’s jobs report — even though Blackrock called it “the greatest of all time.”

The Bureau of Labor Statistics reported that the U.S. economy created 201,000 new jobs in August — more than the 190,000 expected — and unemployment stayed at 3.9%. Moreover, wages grew 2.9% year-on-year.

Blackrock, an investment company, praised it not just for the numbers in it, “but rather for the fact that it serves as something of a capstone.. the greatest run of job gains in US history, with 19 million new jobs created since the start of 2010,” according to CNBC’s Carl Quintanilla.

Even former President Barack Obama, in a speech attacking President Donald Trump, acknowledged that the Trump economy was doing “great” — though he felt that he deserved credit for it, and mocked Republicans who criticized his economic record.

But “great” or “greatest of all time” was still not great enough for Pelosi, who tweeted that the August jobs report “further evidence that the soaring cost of living for families continues to lead to stagnant real wage growth for workers.”

She issued a longer statement:

August’s jobs report shows that the soaring cost of living for families continues to lead to stagnant real wage growth for workers.

While the wealthy and well-connected fill their pockets, hard-working men and women are struggling to keep up with everyday needs that are getting more and more expensive.  Families across the country are facing soaring health costs from the GOP’s sabotage campaign and skyrocketing prescription drug prices from the same Big Pharma companies that were just handed massive unpaid-for tax breaks by the GOP tax scam for the rich.  But instead of fighting for families and seniors, the Republican Congress wants to add even more to the deficit with even bigger tax breaks for the wealthiest 1 percent, hoping to force cuts to Medicare, Medicaid and Social Security.

The American people deserve better than a Republican Congress and Administration that ransacks their pocketbooks and futures again and again, just to enrich the GOP’s special interest friends.  Democrats are fighting For The People: lowering their health care costs and prescription drug prices, increasing pay through strong economic growth by rebuilding America, and cleaning up corruption to make Washington work for the American people.

The inflation rate is currently reported to be 2.9%.

https://www.breitbart.com/big-government/2018/09/07/nancy-pelosi-trashes-jobs-report-analysts-call-greatest-of-all-time/

https://www.breitbart.com/big-government/2018/09/07/obama-complains-trump-getting-credit-for-economic-miracle/