Economy Adds 201,000 Jobs in August, Unemployment Steady at 3.9 Percent

August Jobs Report: Economy Adds 201,000 Jobs; 3.9 Percent Unemployment

The expected gain for August would be a solid one, though below the average increase over the previous six months of 220,000 jobs. The initial July jobs report showed the economy added 157,000 jobs, missing consensus expectations.

Service providers increased payrolls by 178,000 workers, a three-month high.

The broadest measure of unemployment, which included discouraged workers and those at jobs part-time for economic reasons, fell to 7.4 percent from 7.5 percent.

August's job creation figure was higher than July's downwardly revised total of 147,000.

Industries such as health care, business services and wholesale trade saw significant job gains over the past month.

"The labour market looks great", said Ward McCarthy, chief financial economist at Jefferies in NY.

Job gains in August were nearly across all sectors, though manufacturing payrolls fell by 3,000. Evidence of wage growth in a tight labor market will only serve to incentivize Fed policymakers even more to tighten rates over the coming months (even if those expectations were significantly elevated already).

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Labor Department officials said employment opportunities increased in many sectors, including healthcare, mining and transportation. On the positive side, however, the number of full-time jobs in August rose by 40,400.

American wages unexpectedly climbed in August by the most since the recession ended in 2009 and hiring rose by more than forecast, keeping the Federal Reserve on track to lift interest rates this month and making another hike in December more likely.

In August, factories expanded at their quickest pace in 14 years, according to a survey of purchasing managers.

August was the 95th consecutive month in which American employers hired more people than were fired, and there's never been a longer streak.

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, fell one-tenth of a percentage point to 7.4 percent, the lowest level since April 2001.

US businesses added 204,000 jobs while federal, state and local governments lost 3,000. Measures of new orders and production surged, and factories added jobs at a faster pace than in July.

United States jobs growth accelerated last month, with wages notching their largest annual increase in nine years, strengthening views the economy was so far weathering the Trump administration's escalating trade war with China.

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