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Hiring slowdown extends into August

Video Credit: Reuters Studio - Duration: 01:39s - Published
Hiring slowdown extends into August

Hiring slowdown extends into August

U.S. employment growth slowed more than expected in August, amid signs the trade war between Washington and Beijing are taking a toll on business sentiment, but wages saw their biggest jump in six months.

Conway G.

Gittens reports.

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The labor market was hit by another slowdown during the month of August.

Data from the Labor Department released Friday show net payroll gains of 130,000 in August-- weaker than what Wall Street had predicted.

Adding to the slowdown, numbers for June and July were downwardly revised to show job creation in those months was even weaker than the government first announced.

Hiring so far this year has dropped off compared to last year.

Rising threats from trade tensions, including a tariff war between the U.S. and China, have caused businesses to reduce spending across the board.

Economists also believe workers don't have the right skills to fill the jobs that are open.

But here's the upside...temporary hiring of workers for the 2020 census offset some of the overall slowdown in new employment last month.

Paychecks saw their biggest average hourly bump up since February... And hours worked rebounded after hitting a two-year low in July.

The rebound somewhat soothes worries that employers were reducing hours as a preview for future jobs cuts.

The unemployment rate held steady at 3.7 percent.

The August jobs report cements expectations the Federal Reserve will cut rates again, but that's not stopping criticism from the White House.

Trump on Friday tweeted: "The Fed should lower rates.

They were WAY too early to raise, and Way too late to cut"... and Trump also continued to take aim at Fed Chairman Jerome Powell... - "Where did I find this guy Jerome?

Oh well, you can't win them all!" The Fed will announce its next interest rate decision on September 18th.




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