U.S. Job Market Strong but with Hire of Temporary Workers – ZMR Blog
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U.S. Job Market Strong but with Hire of Temporary Workers

The U.S. job market continues to remain strong despite the trade war and tariffs that are ravaging the country’s economy.

In August, 130,000 more jobs have been added, though the unemployment rate continues to remain the same at 3.7 percent. However, it has fallen slightly short of expectations from analysts.

In the U.S., the pace of hiring has come down, but job gains continue. Jobs added in the U.S. in 2019 are at 158,000 on an average, while it was 223,000 in 2018 on an average.

Wages have grown by 3.2 percent on a year-on-year basis. This data coincides with the prediction from economists. This has increased 0.4 percent from the previous month.

Hispanic unemployment has fallen to 4.2 percent from 4.5 percent. The African-American unemployment ratio has fallen from 6 percent to 5.5 percent.

Meanwhile, private payrolls have shown an increase by 96,000 despite trade war problems, for the month of August.

Some industries have shown good gains, with 14,000 in construction and 37,000 in business and professional services.

Employment to population ratio has increased to 60.9 percent. The working-age labor force has increased to 63.2 percent.

Though the employment rate has grown, it is mostly found in the temporary workers hired for the 2020 census. August payrolls have grown by 105,000 jobs.

However, the economic expansion continues to remain slow, as data shows less-than-expected figures in the U.S.

The trade war continues to impact the U.S. economy, as manufacturing data is still weak and industries are not able to perform well. The Brexit debate is another factor that still continues to remain elusive.

The U.S. Treasury yields have come down sharply this year.

The Federal Chairman Jerome Powell will be speaking on the economic outlook and make decisions on the short-term interest rates. Analysts expect a modest rate cut with the job reports out for the month of August.

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