Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
U.S. employers added 187,000 jobs in August, slightly better than Wall Street expectations for 165,000, but the unemployment rate jumped three-tenths to 3.8% as the labor force expanded, the Bureau of Labor Statistics said Friday. July payrolls were revised down to 157,000 from 187,000 and June was revised down to 105,000 from 185,000 -- a combined downward revision of 110,000.
Job growth continued to cool from the average monthly gain of 271,000 over the past 12 months. (See: MNI INTERVIEW: Labor Market Gradually Cooling - Fed's Dvorkin) August job growth was led by health care (71,000) and leisure and hospitality (40,000) while the BLS noted employment in motion picture and sound recording industries fell by 17,000, reflecting strike activity.
The uptick in unemployment dominated the market's initial reaction to the data, as Treasury yields fell to the lowest levels since the first half of August. The labor force participation rate rose by 0.2 pp to 62.8% after being flat since March as the labor force added 736,000 people and employment rose by 222,000, according to the household survey. The employment-population ratio was unchanged at 60.4%.
Average hourly earnings added 0.237%, a tad cooler than expected and slowing from 0.417% in July. AHE is up 4.3% over the year.
Source: BLS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.