US economy added 142,000 jobs in August, missing expectations
Strategas Chairman and CEO Jason Trennert discusses the common man CPI, real wages, the jobs data revisions and Harris tax hike plan.
U.S. job growth picked up in August but missed economists' expectations, while the unemployment rate was little changed.
The Labor Department on Friday reported that employers added 142,000 jobs in August, compared to the 160,000 gain that was projected by LSEG economists.
The unemployment rate also dipped slightly to 4.2%, in line with expectations, after it had unexpectedly risen to 4.3% in July – which was the highest level for the jobless rate since October 2021.
The number of jobs added in the prior two months were both revised downward, with job creation in June revised down by 61,000 from a gain of 179,000 to 118,000 – while July was revised down by 25,000 from 114,000 to 89,000. With the revision, July's job creation was the lowest nonfarm payrolls reading since December 2020.
FED'S POWELL: 'THE TIME HAS COME' FOR INTEREST RATE CUTS
The Labor Department's jobs report for August came in below economists' expectations. (Photo by Spencer Platt/Getty Images / Getty Images)
Private sector payrolls missed LSEG economists' expectations with 118,000 jobs added against a prediction of 139,000. Manufacturing payrolls declined by 24,000 in August, below estimates that expected the sector's employment level to remain flat.
The construction sector saw employment rise by 34,000 in August – above the average monthly gain of 19,000 over the last 12 months. Health care employment increased by 31,000 jobs, below the 12-month average of 60,000.
Average hourly earnings for all employees on private nonfarm payrolls rose by 14 cents, or 0.4%, to $35.21 which brings gains over the past 12 months to
Read more on foxbusiness.com
