August jobs report 'disappoints'; unemployment edged up 4.4%

September 01, 2017

August jobs report 'disappoints'; unemployment edged up 4.4%

NAFCU Chief Economist and Vice President of Research Curt Long said Friday'sjobs report– with disappointing results showing only 156,000 jobs added in August – could alter the timing of the next interest rate hike.

"Job growth disappointed in August, with employment gains falling shy of expectations and downward revisions to prior months," said Long. "The unemployment rate ticked up even as growth in the labor force slowed. Wages increased by just 3 cents per hour. The labor market is still in fine shape, but this report will augment the arguments of those in the Fed who want to hold off on a rate hike until inflation strengthens. NAFCU continues to believe that the next rate hike will be in 2018."

The Federal Open Market Committee's next two-day monetary policy meeting is set for Sept. 19-20.

In other report data, the unemployment rate edged up to 4.4 percent in August as the labor force expanded 77,000 workers. Long was also quoted in MarketWatch.

Average hourly earnings rose 3 cents to $26.39 in August. Over the last 12 months, wages are up 2.5 percent. Since 2009, year-over-year wage growth has averaged just 2.2 percent.

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