The labor market report for August was mixed with slower job growth but higher wages.
The always important labor report released last Friday was a mixed bag. Nonfarm payrolls only increased by 130,000 in August aided by a 25,000 increase in government workers as census workers were included. In addition, the job growth data for June and July was revised downward. The average monthly increase in nonfarm payrolls for the first eight months dropped to under 150,000, down from the 224,000 average monthly increase in 2018. This slowing job growth fueled forecasts of another cut in managed rates by the Fed at next week’s FOMC meeting.
PROBANK AUSTIN ADVISOR - SEPTEMBER 9, 2019