TL;DR
US hiring in August came in at 156,000 jobs, below expectations, with the unemployment rate increasing to 4.4 percent. The slowdown in hiring is attributed to seasonal issues and a shift in the workforce with baby boomers leaving and younger employees being hired.
A little lower than expected, U.S. hiring in August came in at 156,000 jobs. According to a recent Fox Business article, expectations were high after back-to-back months of gains over 200,000, but employers have slowed down their hiring. The unemployment rate slightly increased to 4.4 percent from 4.3 percent this month.
“It certainly was a disappointment, but August is known to have some seasonal issues around it,” Eric Wiegand, senior portfolio manager at U.S. Bank Private Wealth Management, said. “Investors will tend to look through this over the extended period.”
While wage growth remained at 2.5% in August, it is expected to eventually follow economic growth increases. Currently, higher paid baby boomers are leaving the workforce as younger employees are being hired and finding work.
In this story
This story was originally published in 1851 Franchise on September 1, 2017. Burnaze summarizes and links to the original reporting.
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