The August jobs report is out and it’s a beat.
In August, the U.S. economy added 201,000 jobs and the unemployment rate held steady at 3.9%.
The real standout in the report, however, were the gains in average hourly earnings, which rose 0.4% over last month and 2.9% over last year. Wages have been closely tracked for signs of building inflation pressures in the economy. This is the best annual private wage growth figure since May 2009.
Nonfarm payrolls were expected to rise by 190,000 in August with the unemployment rate forecast to drop to 3.8%. Average hourly earnings were expected rise 0.2% over the prior month and 2.7% over the prior year.
In August, the U.S. economy added 201,000 jobs and the unemployment rate held steady at 3.9%.
The real standout in the report, however, were the gains in average hourly earnings, which rose 0.4% over last month and 2.9% over last year. Wages have been closely tracked for signs of building inflation pressures in the economy. This is the best annual private wage growth figure since May 2009.
Nonfarm payrolls were expected to rise by 190,000 in August with the unemployment rate forecast to drop to 3.8%. Average hourly earnings were expected rise 0.2% over the prior month and 2.7% over the prior year.
