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U.S. jobs growth in August slows after strong gains in July

Xinhua, September 2, 2016 Adjust font size:

The U.S. job market has slowed down after two months of strong gains, while the unemployment rate remains unchanged.

Total nonfarm payroll employment rose by 151,000 in August, following 275,000 gains in July, said the Labor Department on Friday. Job gains last month were below market expectation of about 180,000.

The Labor Department revised the job gains in June and July, with combined employment gains in the two months 1,000 less than previously reported. Over the past three months, job gains have averaged 232,000 per month.

The jobless rate remained unchanged at 4.9 percent for the third month in a row, close to the level of full employment.

The labor force participation rate, the share of the working-age population employed or looking for a job, was also unchanged at 62.8 percent in August.

Average hourly earnings for all employees rose by 3 cents to 25.73 U.S. dollars. The average hourly earnings have risen by 2.4 percent year on year, slower than the 2.6-percent growth in July.

August's jobs report indicated that the job market remained solid but wasn't overheating, according to analysts.

So far in 2016, job growth has averaged a solid 182,000 jobs a month, well above the pace of about 80,000 jobs a month needed to maintain a low and stable unemployment rate, said Jason Furman, chairman of the Council of Economic Advisers under the White House, on Friday.

U.S. Federal Reserve Chair Janet Yellen said last week that the case for another interest rate hike has strengthened as the U.S. economy and labor market continue to improve.

The latest jobs report came more than two weeks before the Fed's monetary policy meeting on Sept. 20 and 21. It will likely fuel the debate within the Fed on whether to raise interest rates at the meeting.

Some Fed officials hold that, with the job market close to full employment, slowdown in jobs growth is expected, while some Fed officials may want to see more signs that inflation is rising toward the Fed's 2-percent target.

Analysts said it's possible for the Fed to hike interest rates as soon as September. But about 71 percent of 62 economists surveyed by the Wall Street Journal in August believed that the Fed will wait until December to raise rates. Endi