The August employment report looks pretty sweet on the surface.
For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Sept. 7.Key observations:
- The job report was also peppered with a number of major sectors that lost net new jobs in August.
- The manufacturing sector job loss last month could be the first sign of negative fallout from the Trump administration’s trade policies.
- Average hourly earnings increased 0.37% in August, the fastest monthly pace since December.
- This data virtually ensures another rate hike from the Fed at the September FOMC meeting and raises the probability of another in December.
Despite the miss on the headline job growth last month, it is impossible to describe the labor market as soft.Read More ›
The labor market continues to firm but is not yet at the overheating stage.Read More ›
Overall, a solid payroll report very much in line with our expectations.Read More ›
There was something for everyone in the September jobs report, but we think it wise for investors to look past the downbeat headline job loss.Read More ›