Author Topic: Pace Of US Jobs Growth Slows  (Read 113 times)

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Pace Of US Jobs Growth Slows
« on: September 03, 2016, 09:10:16 AM »
Hiring by United States employers slowed and wage growth lagged expectations in August, taking some of the shine away from the labour market?s recent performance and easing pressure for a Federal Reserve rate increase later this month, according to Financial Times

Employers added 151,000 workers last month, fewer than the 180,000 average forecast from a Bloomberg survey of economists and a slowdown from July?s downwardly revised 271,000 growth. Still, hiring was ahead of the pace needed to keep unemployment steady, with the jobless rate staying at 4.9 per cent for the third month in a row.

Fed officials are heading into their September 20-21 meeting heavily divided over the case for a near-term rate increase. Robust labour market readings have been a primary motivator for Fed officials calling for action, and August?s numbers by no means point to a marked deterioration, with average monthly job gains remaining at 232,000 over the past three months.

However, more cautious officials will be able to point to subdued wage and price growth as arguments for the central bank to stay on the sidelines on September 21. Average hourly earnings rose 2.4 per cent on the year, a shade below the 2.5 per cent pace predicted, suggesting there remains little inflationary pressure in the economy.


 
?Today?s report probably helps the case of those Fed officials arguing for holding off on another rate hike pending more clarity,? said Jim O?Sullivan, chief US economist at High Frequency Economics in New York. However, he added that payrolls data had in past years tended to be underestimated in initial reports only to be revised upwards later. ?There is certainly no sign in the latest claims data of the labour market weakening significantly.?

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Pace Of US Jobs Growth Slows
« on: September 03, 2016, 09:10:16 AM »

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