August jobs surge with 201K added to payrolls, jobless claims fall to 49-year low

UPDATE — 9/12, 11:46 p.m. EDT: U.S. Census Bureau data released Wednesday shows median household income adjusted for inflation increased 1.8 percent in 2017 from the previous year to over $61,000 annually.

In addition, the Labor Department reported Tuesday job openings increased in July to a record 6.94 million, with 5.68 million hires and 5.53 million laid off.

 

The Bureau of Labor Statistics released its monthly jobs report Friday, with indicators demonstrating the economy continues to thrive with an additional 201,000 jobs created in August.

Paramount among the revelations for August is wage growth rose 2.9 percent, which eclipsed expectations of 2.7 percent.  Average hourly wages grew 10 cents to $27.16.

Similarly among the monthly findings, U.S. factory output reached a 14-year high; long-term unemployment has dropped 24 percent over the last year; and the unemployment rate for black Americans rests at 6.3 percent, a near-historic low.

Overall, the economy has averaged 185,000 jobs created over the past three months.

Sectors leading the robust growth included professional and business services, which added 53,000.  Following closely, healthcare grew by 33,000 jobs, wholesale trade increased 22,000 and transportation and warehousing rose 20,000.

The construction industry experienced a growth of 23,000 jobs and mining added another 6,000 positions.  Despite the rosy outlook, manufacturing sustained a loss of 3,000 jobs.

The August report also indicated the unemployment rate remained steady at 3.9 percent.

The Bureau’s report also disclosed the gross domestic product continues to grow at 4.0 percent, a rate not seen since before the onset of the Great Recession of 2008–’09.

“I still believe the big story this year is an economic boom that most folks thought impossible.  I understand that he’s been in for a year and a half, but when you look at those numbers, this is not going away,” said director of the National Economic Council, Larry Kudlow, in an interview with CNBC.

Kudlow continued to mention President Trump’s policies are intended to make it easier for businesses to conduct business and hire.

During Trump’s presidency, 3.9 million more Americans have entered the workforce and the economy has grown $1.4 trillion through the end of the second quarter.

On Thursday, the Labor Department also reported jobless claims fell to a 49-year low of 203,000 for the final week of August, as well as the four-week moving average.

 

[CSN News] [CNBC] [Wall Street Journal] [NBC News] [MarketWatch] [Photo courtesy WQAD]

Leave a Reply