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August Job Growth Slows, Economy Still Looks Solid
Leading into the Labor Day Weekend, the government released its August jobs report that showed a lull in the U.S. job market. Employers added a respectable, but less-than-robust 156,000 jobs, and held back any meaningful pay raises for most workers.
The good news is the economy is still steadily generating jobs, albeit more slowly than it did earlier in its recovery from the Great Recession. The economy is in a 9-year expansion and unemployment is near a 16-year low. However, fewer people are looking for work and fewer jobs are being filled. The report also didn’t take into account any effects from Hurricane Harvey.
The Labor Department reported the unemployment rate inched up from 4.3% to a still-low 4.4%. Both June and July job growth numbers were revised downward by a combined 41,000, though the average monthly gain those months were 176,000.
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- ◦Economy
