U.S. Outlook: Economy keeps cranking out new jobs
The August employment report looks pretty sweet on the surface.
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.