The US economy recorded a sharp fall in job creation in August,................... [View all]

[riversedge]

I suppose as long as the stock market is going grand, all is honky dory!! NOT
People live paycheck to paycheck. I have been reading some stories of the people who are in shelters in Houston. Most can not or could not afford a hotel room to a few nights--said maybe for 2 or 3 nights but that was it. They had no reserves, they were working --vast majority, but now many did not even have jobs to go back to.
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Workers at the Hollywood Bed Frame Company factory in Commerce, California. The US created just 156,000 jobs in August. Photograph: Robyn Beck/AFP/Getty Images


https://www.theguardian.com/business/2017/sep/01/us-jobs-growth-unemployment-tropical-storm-harvey
Friday 1 September 2017 10.09 EDT



Last modified on Friday 1 September 2017 17.00 EDT
raising questions over whether the Federal Reserve will raise interest rates before the end of the year.

Economists had expected the US to add about 180,000 jobs over the month. But the latest figures from the Bureau of Labor Statistics showed a marked slowdown on the previous month, with a rise of 156,000 jobs. The figure for July was revised down to 189,000 from an initial 209,000, while for June number was reduced from 231,000 to 210,000, compounding the weaker picture.

The figures made for disappointing reading for Donald Trump, who hasput jobs and wage growth among the top priorities for his administration. There was a modest rise in the unemployment rate from 4.3% to 4.4%, as the number of unemployed people in the US economy stood at 7.1 million.

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The August jobs report showed the rate of growth in US employment to be below the average of 176,000 per month so far this year – the average gain in 2016 was 187,000. The services sector had the weakest growth, as employment increased by only 95,000, little more than half the size of gains made in recent months.

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With a weaker outlook for employment, the August jobs report adds an additional problem for the Federal Reserve to consider as it weighs a further interest rate rise before the end of the year. There are still some expectations for an increase in December, although a slowing jobs market, the fallout from Harvey and low levels of inflation could build a case for maintaing the status quo. ......................