3 things to know about the August 2017 jobs report
Job growth lagged as the U.S. economy added 156,000 jobs in August and the unemployment rate rose slightly.
The U.S. economy added 156,000 jobs in August – missing analyst expectations of around 180,000 new jobs – while the unemployment rate ticked up slightly to 4.4 percent, according to the monthly report from the Bureau of Labor Statistics. Average wages rose by just 0.1 percent, also less than expected.
Three things to know from today’s BLS report
1.Reactions to the report?
According to The Washington Post: “Gus Faucher, chief economist at PNC, said August’s relatively modest progress reflects no sign of serious trouble ahead. The labor market, he said, is tightening, which often makes it harder for employers to fill vacant positions.”
According to The New York Times: “For the economy, it’s steady as she goes, but for the markets it’s Goldilocks,” said Torsten Slok, chief international economist at Deutsche Bank, referring to the not-too-hot, not-too-cold August payroll increase.”
2. Which industries are growing?
According to CNN Money: “[…] the report shows job growth spread across most of the economy, with nearly two-thirds of industry sectors adding jobs during the month. Among the winners were construction, which added 28,000 jobs, health care, which added 20,200 jobs, and auto plants, which added 13,700 jobs. Among the losers were federal, state and local governments, which trimmed a total of 9,000 jobs.”
3. Is Hurricane Harvey impacting jobs?
According to Business Insider: “It noted that Hurricane Harvey had "no discernible effect" on the August jobs numbers because it conducted the survey for its report before the storm. The hurricane's impact is likely to show up in a few weeks in initial filings for unemployment claims.”
According to CNBC: “It should be noted that Hurricane Harvey did not impact today's jobs numbers, and will likely have only a modest impact in coming months. The rebuilding effort will add to construction and other jobs, but only over time as it will take time for the insurance money and government aid to get to the storm's victims.”