August Jobs Beat Less Impressive Than It Looks

Macro
โดย Yahoo Finance·US·Read original
Summary · why it matters

The August jobs report showed employers added 162,000 jobs, nearly triple the 55,000 economists expected, marking the biggest upside surprise versus consensus since 1998. However, the gain was concentrated in two volatile sectors: restaurants and bars added 59,000 jobs, and local government education added 42,000, together accounting for 62% of the total. Bloomberg Economics attributed almost all the surprise to an unusually mild seasonal adjustment, possibly reflecting World Cup disruptions. Despite this, the prior two months were revised higher, and participation rose for the first time in nearly a year, with unemployment holding at 4.1%. Wage growth cooled slightly, and RSM chief economist Joe Brusuelas noted the composition was tilted towards lower-wage jobs, which may ease inflation concerns for the Fed.

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