The US job growth slowed in August, but the good news is that the unemployment rate dropped to an almost 7.5 year low and wages have accelerated. The Nonfarm payrolls increased 173,000 last month after a revised gain of 245,000 in July, according to the Labor Department.
The payrolls data for June and July showed that 44,000 more jobs were created than had previously been reported. This means that the average job gains for the past three months was a solid 221,000. Average hourly earnings increased 8 cents and this is the biggest rise in seven months.
As Alan Ruskin, global head of currency strategy at Deutsche Bank in New York said,
“The payrolls data is certainly good enough to allow for a Fed rate hike in September. The big question is still whether financial market volatility will scupper the plans.”
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