September US Jobs Report

After hours

The U.S. economy added 156,000 jobs in August, the Labor Department reported Friday, less than the year's monthly average of 184,000 new jobs.

United States job creation slowed in August while the unemployment rate moved a notch higher, according to a key data report released Friday.

The preceding three-month average of jobs added is 184,000, which puts the August number about 15 percent down by comparison.

The annual increase in average hourly earnings was 2.5% for a fifth straight month.

In addition, monthly jobs reports can be volatile - especially figures for August, when employers are gearing up for the start of fall and the government can't always precisely factor the changes into its employment data.

Trump has pledged to add 25 million jobs over the next decade - a goal economists say is unrealistic.

Harvey also could have a modest effect on the employment numbers in September, by some estimates reducing national job growth by 30,000 next month. Non-farm payroll have increased by an average of 176,000 per month so far this year. The annualized rate for 2017 sits at just 2.5 percent, after August's 0.1 percent uptick.

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The report also said the job growth in June and July was downwardly revised to 210,000 jobs and 189,000 jobs, respectively, reflecting a net downward revision of 41,000 jobs.

The growth in jobs continued the streak for the US economy, which has not seen a negative month on job creation since September of 2010 - nearly seven straight years.

From my seat, today's jobs report doesn't negatively impact this theme.

The jobless figure is calculated from a separate household survey, and by this measure the economy did not generate enough new work opportunities in August to meet the growth in the working-age population.

Employment in the fields of construction, professional and trade services, mining and health care each rose in August, continuing a five-month trend. The rate is still down half a point from a year ago and twice that when including sources of "hidden unemployment" like discouraged workers. It indicates that while growth is still ongoing, it's at a fairly slow pace.

Wage growth also lagged at 3 cents for non-farm workers, compared to 9 cents in July.

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