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Economic Trends  |  Workforce

130,000 Jobs Created in August, Below Consensus View

By: Beth Burnham Mace  |  September 06, 2019

The Labor Department reported that there were 130,000 jobs added in August, below the consensus estimate of 160,000.  About 25,000 of the jobs added were temporary positions associated with the 2020 census.  For the eight months through August, the average monthly increase in total employment has been 158,000, below the average monthly gain of 223,000 in 2018. The private sector added 96,000 jobs in August, weaker than the monthly year-to-date pace of 145,000 and down from an average monthly gain of 215,000 in 2018.

164,000 Jobs Created in July, on Track with Consensus

By: Beth Burnham Mace  |  August 02, 2019

The Labor Department reported that there were 164,000 jobs added in July, quite close to the consensus estimate.  The July increase in jobs marked the 106th consecutive month of job growth.  The latest six-month average increase is 140,000, the fewest in seven years and less than last year’s 223,000 monthly average.  Nevertheless, the pace of job gains is relatively strong and generally stronger than the levels that have usually prompted the Federal Reserve to cut interest rates in the past.  That said, pressures associated with trade tensions and potential further trade-related weakness in the economy suggest that the Fed may be cutting rates further in September after this month’s 25 basis point reduction.   

More Jobs Created in June than Expected: 224,000

By: Beth Burnham Mace  |  July 10, 2019

The Labor Department reported that there were 224,000 jobs added in June, above the consensus estimate of 160,000. The June increase in jobs marked the 105th consecutive month of job growth. The latest six-month average increase is 172,000, less than last year’s 223,000 monthly average. Nevertheless, the pace of job gains is strong and generally stronger than the levels that have usually prompted the Federal Reserve to cut interest rates in the past. This suggests that the Fed will not be cutting rates immediately despite other concerns about a slowing economy or trade-related threats to the economy. In recent months, the Fed’s has indicated that it is paying close attention to the risks of an economic slowdown.

Fewer Jobs Created in May: 75,000

By: Beth Burnham Mace  |  June 07, 2019

The Labor Department reported that there were 75,000 jobs added in May, well below the downwardly revised gain of 244,000 in April and below the consensus expectation of 180,000. The deceleration in growth may reflect the effects of slowing global growth and the waning effects of the tax cuts and government spending. Nevertheless, this marked the 104th consecutive month of job growth.  The latest three-month average is 151,000, less than last year’s 223,000 monthly average.

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