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- U.S. nonfarm payrolls increase less than expected in August
U.S. nonfarm payrolls increase less than expected in August
The U.S. Labor
Department announced on Friday that nonfarm payrolls increased by 130,000 in August
after a downwardly revised 159,000 gain in the prior month (originally an
increase of 164,000).
According to
the report, employment in federal government rose by 28,000, due mainly to the hiring
of 25,000 temporary workers for the 2020 Census. Meanwhile, private-sector
employment rose by 96,000, with notable job gains in health care (+24,000 jobs)
and financial (+15,000) activities, while mining (-6,000) lost jobs.
The
unemployment rate remained unchanged at 3.7 percent in August.
Economists had
forecast 158,000 new jobs and the jobless rate to stay at 3.7 percent.
The labor force
participation rate edged up to 63.2 percent from 63 percent in July, while
hourly earnings for private-sector workers rose 0.4 percent m-o-m (11 cents) to
$28.11, following an unrevised 0.3 percent m-o-m gain in July. Economists had
forecast a 0.3 percent m-o-m advance in the average hourly earnings. Over the
year, average hourly earnings have increased by 3.2 percent, following a revised
3.3 percent rise in July (originally a gain of 3.2 percent).
The average
workweek increased by 0.1 hour to 34.4 hours in August, matching economists’
forecast.
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