151,000 nonfarm payroll jobs were added last month, with significant gains in professional and technical services employment, up by 20,000 jobs, and financial activities, which grew by 15,000 positions.
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Wages: Accelerating wage gains on top of a good pace of jobs growth should provide support for further increases in consumer spending in the final quarter of the year.
One key to finding candidates capable of formulating the right questions when querying databases is job training and retraining workers in the manufacturing sector who have lost jobs to globalization. Their slow pace is a key reason why the USA economic recovery has not been felt by vast pockets of the population.
Over the past 12 months, monthly jobs gains have averaged 204,000, according to the department.
It’s a big day for the USA economy and America’s central bank, the Federal Reserve. A strong currency makes American products more expensive – and less attractive – to foreign buyers.
Jason Furman, chairman of the White House Council of Economic Advisers, characterized the average job growth in 2016 as “solid” but emphasized the need to keep wages rising.
America’s economic growth has averaged about 1% in the first half of this year.
The job market’s weaker-than-expected performance makes it less likely that the Federal Reserve’s interest rate-setting Federal Open Market Committee will raise rates when it meets September 20-21. This employment report takes on extra importance because a Fed rate hike could be at stake. Over the year, financial activities has added 167,000 jobs.
While the economy continued to create jobs, the total represented a precipitous drop from July’s revised total of 275,000 and was also well below analyst expectations.
“All that suggests the job market is OK, but it probably does put September off the table” for a rate increase.
Employment in services continued to rise, while mining and logging continued to contract, shedding 4,000 jobs on a seasonally adjusted basis.
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Now there’s a low chance of a Fed rate hike in September but some economists believe a strong number Friday could change the narrative.
