US economy adds 201,000 jobs in August as strong hiring continues

Larry Summers Tariffs will hurt working people

Still, monthly gains for the year are averaging a robust 207,000.

USA employers likely hired at a healthy pace in August, emboldened by brisk consumer spending and an economy that keeps growing steadily.

USA employers sped up their hiring in August, reversing several months of slowing gains. That makes it more challenging for Labor to adjust the employment totals to account for seasonal variations. Automakers typically retool their factories for new model year cars over the summer, which can temporarily distort the job figures.

Alberta gained 16,200 jobs last month, 11,000 of which were full time, for an overall increase of 0.7 per cent. They increased payrolls by 18,000 jobs in July.

But retail payrolls fell 5,900 last month and government shed 3,000.

The Trump administration has imposed tariffs on imported steel and aluminum as well as on $50 billion of goods from China.

Average hourly pay jumped 0.4 percent in August and increased 2.9 percent compared with a year earlier.

That raised the annual increase in wages to 2.9% in August, the largest increase since June 2009, from 2.7% in July. Even retail, which many predicted would decline as stores like Toys R Us shuttered for good, is still adding jobs.

Elon Musk smokes marijuana with Joe Rogan during live interview
Today it was revealed that two top executives have left Tesla, and its plummeting stock fell even lower. Musk told Rogan that running Tesla is the hardest of his several endeavors.

Faster wage gains could prompt the Federal Reserve to raise interest rates more sharply to head off higher inflation, a development that could cool stocks by making less risky bonds relatively more attractive. These past few months have been the strongest rates seen in the United States in nine years.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said: "Wages aren't yet rising fast enough to scare the Fed, but the expectation that further gains are in the pipeline, given the lag from falling unemployment, explains policymakers' intentions to keep hiking".

US businesses added 204,000 jobs while federal, state and local governments lost 3,000.

Friday's jobs report showed that professional and business services, a category that includes both higher-paying fields such as engineering and accounting and lower-paying temp jobs, led August's job growth with 53,000 added positions. Healthcare added 41,000; transportation and warehousing, 20,000; and leisure and hospitality, 17,000.

Job gains for August were spread out among industry sectors.

Several other reports show that many employers are running out of skilled workers to hire.

Still, 6.2 million people were counted among those unsuccessfully looking for work in August.

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