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Financial News: U.S. Job Growth Falls Short Of Estimates In

U.S. Job Growth Falls Short Of Estimates In August

09/06/2019 - 09:27:00 (RTTNews)

(RTTNews) - Employment in the U.S. increased by less than expected in the month of August, according to a closely watched report released by the Labor Department on Friday.

The report said non-farm payroll employment rose by 130,000 jobs in August after climbing by a downwardly revised 159,000 jobs in July.

Economists had expected employment to increase by about 158,000 jobs compared to the addition of 164,000 jobs originally reported for the previous month.

The weaker than expected job growth came as notable increases in employment in healthcare and financial activities were partly offset by the loss of mining and retail jobs.

The report said government employment climbed by 34,000 jobs, largely reflecting the hiring of temporary workers for the 2020 Census.

Meanwhile, the Labor Department said the unemployment rate held at 3.7 percent in August, unchanged from July and in line with economist estimates.

The unemployment rate came in unchanged as the 571,000-person spike in the size of the labor force was offset by the 590,000-person jump in the household survey measure of employment.

The report also said average hourly employee earnings climbed by $0.11 to $28.11 in August following 9-cent gains in both June and July.

Compared to the same month a year ago, averagely hourly earnings were up by 3.2 percent in August versus the 3.3 percent increase in July.

"Payrolls growth is slowing but wages are picking up, which underlines the difficult decision facing the Federal Reserve," said ING Chief International Economist James Knightley.

He added, "The risks from a deteriorating international backdrop and a manufacturing recession mean we still look for September and December rate cuts."

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