U.S. Outlook: Economy keeps cranking out new jobs

Scott Anderson
Posted by Scott Anderson
Chief Economist

The August employment report looks pretty sweet on the surface.

Young professionals in coworking space.There were a few blemishes hidden in the employment report today that are worth pointing out and bear watching in the months ahead.

For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Sept. 7.

Key observations:
  • The job report was also peppered with a number of major sectors that lost net new jobs in August.
  • The manufacturing sector job loss last month could be the first sign of negative fallout from the Trump administration’s trade policies.
  • Average hourly earnings increased 0.37% in August, the fastest monthly pace since December.
  • This data virtually ensures another rate hike from the Fed at the September FOMC meeting and raises the probability of another in December.

Read my full report.

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