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Job Growth Slows to 130,000 in August, But It’s Hardly a Disaster

CNN and MSNBC will be talking all day, when they take a break from discussing Trump’s Alabama hurricane forecast, about how the new jobs report is a catastrophe and shows a weakening economy and the China trade war is terrible and Trump now may not get reelected, and so on.

Well, the economy added 130,000 jobs. That’s not a fantastic number, and it’s far less than predicted by a private forecast, and it’s below expectations.

But it’s not too bad either, especially considering we’re in a trade war with China and the press spends all day talking down the economy. Meantime, wages continue climbing and unemployment remains unchanged.

From the Wall Street Journal, which offers a more balanced assessment than you will see elsewhere:

Employers added to payrolls at a steady pace and unemployment stayed historically low in August, suggesting the U.S. economy held firm during a month when a deepening global slowdown and faltering manufacturing activity stoked fears of a sharp U.S. slowdown.

The U.S. economy added 130,000 payrolls in August, the Labor Department reported Friday. The unemployment rate was unchanged at 3.7% for the third consecutive month, remaining near its 50-year low.

Average hourly earnings climbed a seasonally adjusted 3.2% from August 2018, down from a recent peak of 3.4% in February and offering few signs of a breakout.

Overall, the job market was on slightly weaker footing than expected. Payrolls in June and July were revised down by a combined 20,000, while economists surveyed by The Wall Street Journal had estimated that employers added 150,000 jobs in August. The unemployment rate was in line with forecasts at 3.7% last month.

For the three months ended in August, average monthly payroll growth was 156,000, down from an average 190,000 a month in the eight years since jobs started growing after the last recession.

12 Responses to Job Growth Slows to 130,000 in August, But It’s Hardly a Disaster

  1. Trump will continue to find new friends or renew old friendships (Japan) to minimize the need for China and will get them to crawl to the table.

    Back when Trump was upside down on Jersey casinos… He had the lenders over a barrel… and I believe the same is happening with China.

    He will win — and watch the economy then!

    He is fearless.

  2. It’s not the jobs added during a month’s time that is important, but how many people lost their jobs in that month. How many factories closed, how many retail businesses failed, how many jobs were filled by robots that would signal a slow down or recession worth worrying about.

    While our population seems to be growing with the addition of thousands of illegal aliens every month, they don’t count in the jobs numbers. The odds that even 10% of the illegals speak English, are literate, or have marketable skills is slim to none.

    The jobs reports are not accurate, not really misleading, but don’t reflect what’s actually going on in the business community. There are jobs available almost everywhere, but not enough qualified people to hire.

    • “The number of people employed in the United States hit a record 157,878,000 in August, the 21st record set under President Donald Trump, according to the employment report released today by the Bureau of Labor Statistics,” Susan Jones reports for CNS News.

      “The unemployment rate held steady at 3.7 percent. For blacks, the unemployment rate dropped to a record low of 5.5 percent last month. And for Hispanics, the unemployment rate was 4.2 percent in August, which ties the record low set earlier this year.”

      • It’s the best that I can ever remember, and I’m in my 60s, because for the first time ever the “jobs wealth” is spread around.. it’s not a boom in Texas and depression in New Jersey. We’ve not only low oil prices BUT high oil production at the same time. I don’t think that has ever happened before. THIS tide is lifting ALL American boats!

        You noted: “…for Hispanics, the unemployment rate was 4.2 percent in August, which ties the record low set earlier this year.”

        To understand how powerful this is, during 2010, when the USA was sunk in misery with unemployment at 10.4% (despite recent claims that the recession ended in 2009).

        That same month, March 2010, Mexico had one of the lowest unemployment rates in the entire world of 4.8%. We all know why.

        ” For blacks, the unemployment rate dropped to a record low of 5.5 percent last month.”

        A young Black man told President Obama that at 27 years old he had NEVER held a job but he WANTED TO, and asked Obama for help. We never heard another word about that young man. Thank God for President Trump, who has answered the prayers of such young people all over the USA, bringing jobs home to them and removing the unfair competition of illegal labor & outsourcing.

  3. Jeeeezus H. Kreyst!

    You’ve got to ‘effing kidding here, Kurt.

    In less than 3 years Trump has added NINE MILLION MORE JOBS than that Hawaiian fraud did in eight.

    And you start with the “damning with faint praise” headline? Unbelievable.