Job growth in August sees lower numbers than expected.
A little lower than expected, U.S. hiring in August came in at 156,000 jobs. According to a recent Fox Business article, expectations were high after back-to-back months of gains over 200,000, but employers have slowed down their hiring. The unemployment rate slightly increased to 4.4 percent from 4.3 percent this month.
“It certainly was a disappointment, but August is known to have some seasonal issues around it,” Eric Wiegand, senior portfolio manager at U.S. Bank Private Wealth Management, said. “Investors will tend to look through this over the extended period.”
While wage growth remained at 2.5% in August, it is expected to eventually follow economic growth increases. Currently, higher paid baby boomers are leaving the workforce as younger employees are being hired and finding work.
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