Another great jobs report courtesy of the Trump economy ….
As reported at CNBC, 201,000 jobs added to the U.S. economy in August as payroll and wage growth both beat expectations. Economists were predicting a 195,000 payroll gain. Jobs, jobs and more jobs added. Welcome to the Trump economy.
Long-awaited wage growth posted a recovery high in August while payroll gains beat expectations and the unemployment rate held near a generational low of 3.9 percent, according to a Bureau of Labor Statistics report Friday.
Average hourly earnings rose 2.9 percent for the month on an annualized basis, while nonfarm payrolls grew by 201,000. Economists surveyed by Reuters had been expecting earnings to rise 2.7 percent, payrolls to increase by 191,000 and the jobless level to decline one-tenth of a point to 3.8 percent.
The biggest contributor to job gains was professional and business services, which added 53,000. Heath care grew by 33,000, wholesale trade rose by 22,000, and transportation and warehousing contributed 20,000 to the total.
There also were 6,000 new mining jobs in a profession that has added 104,000 positions since October 2016, primarily in support activities.
Construction also grew by 23,000, though manufacturing lost 3,000 positions.
Average hourly earnings increased 10 cents for the month to $27.16.