US economy brushes aside trade fears

A help wanted sign is posted at a tractor dealership in Ashland Va

Friday is jobs day in America.

Hiring rebounded in August as employers added 201,000 jobs and the labor market continued to defy worker shortages and USA trade battles.

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

US employers sped up their hiring in August, reversing several months of slowing gains.

The U6 rate - considered the broadest measure of unemployment - ticked down to 7.4 percent, the lowest since April 2001. The average hourly wage in construction was up 3.3 percent over the past year, but the gain was 3.5 percent back in September of 2016.

The number of "discouraged workers" - people who aren't looking for jobs because they don't believe anything is out there for them - stood at 434,000 last month, relatively unchanged from August 2017. "While the magnitude of any potential downward bias to August data can vary depending on the way it is measured, we think that it is probably modest (likely around 10-20k)", Silver said. Construction payrolls grew by 23,000 in August, however, continuing what's been a fairly strong summer of hiring in the sector. The report cemented expectations for a third interest rate increase from the Federal Reserve this year when policymakers meet on September 25-26.

The US economy added 201,000 jobs, while the unemployment rate stayed at 3.9%. Still, monthly gains for the year are averaging a robust 207,000.

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Investors will look to see if tech stocks can get a bounce after three-straight losing days for the Nasdaq as emerging markets remain under pressure.

The June report was revised down from 248,000 jobs created to 208,000 - July was also reduced from 157,000 to 147,000.

Wage growth accelerated, with hourly earnings rising 2.9 percent year-over-year. The problem for workers, however, is that inflation has risen to 2.9 percent as well, meaning that the inflation-adjusted "real" wage gain is zero over the past 12 months., according to the Bureau of Labor Statistics.

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.

Job gains were noted in health care, transportation, wholesale trade and construction.

Job gains for August were spread out among industry sectors. The government now says employers added 50,000 fewer jobs in those two months combined than it had previously estimated.

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