Jobs Growth Slows Modestly in August
August’s jobs report was weaker than expected, showing that corporate hiring has slowed a bit recently.
Nonfarm payrolls rose 130,000 in August, below consensus expectations for a 164,000 gain despite a 25,000 bump from temporary jobs related to the 2020 Census. As shown in the LPL Chart of the Day, Jobs Growth Slows in August, July’s job increase was also revised down to 159,000, pulling the 12-month average payroll change down to a still-solid 173,000.
We still see tailwinds for the U.S. labor market, though. Payrolls are still growing at an above-average trend for the cycle (when looking... Read more