Face of Nation : Economy added 130,000 jobs during the month of August, sharply missing expectations and showing a continuation of a softening in the labor market in the face of global economic headwinds.
Figures released Friday by the Bureau of Labor Statistics showed that the unemployment rate remained steady at 3.7 percent, still the lowest in almost five decades. Wage growth, which has remained sluggish all year, stayed at 3.2 percent.
Temporary hires for the U.S. Census contributed to August’s jobs total, with the Bureau of Labor Statistics noting that 26,000 people were hired last month for door-to-door canvasing. The 2020 Census will eventually require almost half a million temporary workers.
The economy has gained an average of fewer than 165,000 jobs a month so far this year — much lower than the average of 223,000 in 2018. July’s jobs totals was revised down to 159,000; June shrank to 178,000 positions gained, and just 62,000 new jobs were added in May.
All eyes on Wall Street now turn to Federal Reserve Chairman Jerome Powell, who is scheduled to give a speech later on Friday in Zurich about the global economic outlook.
