US economy added 201000 jobs in August, while unemployment held at 3.9%

Larry Summers Tariffs will hurt working people

This is the 95th straight month that USA employers have added jobs, according to Dow Jones.

After reporting weaker than expected job growth in the previous month, the Labor Department released a report on Friday showing employment in the USA jumped by more than expected in the month of August.

Estimates were for about 190,000 jobs in August.

Even with revisions reducing the number of jobs created in both June and July, the economy is producing new jobs at a higher pace than the same eight month period a year ago, averaging nearly 207,000 jobs a month in 2018 compared to 189,000 a month in 2017.

After revisions, job gains have averaged 185,00 a month over the past three months, a sign of continued strength. In the 19 full months preceding Trump's presidency - July 2015 to January 2017 - the economy created 3.96 million jobs.

August was the 95th consecutive month in which American employers hired more people than were fired, and there's never been a longer streak.

The market is humming along, with hiring picking up in August and paychecks growing whole the unemployment rate held steady.

This developing report will be updated.

The United States and China have slapped retaliatory tariffs on a combined $100 billion of products since early July. June's gain was lowered from 248,000 to 208,000 and July's from 157,000 to 147,000.

Jason Mazzarone, chief executive of SoBol, a restaurant chain that sells a variety of acai bowls, says he is paying workers more, mostly because of higher minimum wage laws in NY and other states where his 26-store chain operates. The problem for workers, however, is that inflation has risen to 2.9 percent as well, meaning that the inflation-adjusted "real" wage gain is zero over the past 12 months., according to the Bureau of Labor Statistics.

Americans had until Thursday to comment on a list of $200 billion worth of Chinese goods widely expected to be hit with tariffs soon. The tariffs on an additional $467 billion would raise duties on virtually all USA imports from China. Businesses are increasingly reluctant to even lay off workers, in part because it would be difficult to replace them at a time when qualified job applicants have become harder to find.

Global outplacement firm Challenger, Gray & Christmas said on Thursday there were 521 tariff-related job cuts in August, but these were largely offset by the hiring of 359 workers by steel producers.

Manufacturers cut 3,000 jobs last month, the first time they have cut jobs in about a year.

The drop last month was fuelled by a loss of 92,000 part-time positions. Wholesalers added 22,400 jobs.

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