Friday, September 02, 2016

Latest Jobs Report: U.S. Economy Stays Flat

Yellen: Dove on Growth
The U.S. created 151,000 jobs in August, below the consensus estimate of 170,000 jobs. The six-month job creation average is 175,000 jobs, just 30,000 jobs a month above the level needed to keep pace with population growth.

Stephen Stanley, chief economist at Amherst Pierpont Securities, said:
The August employment report was not a disaster but it was just weak enough that any chance that Janet Yellen and her band of doves might think about surprising us and raising rates later this month just went out the window.
Unemployment is a lagging indicator, and the fall in job creation numbers over the Summer (271,000 in June, 275,000 in July, now 151,000) is trailing the nearly flat gain in GDP: only 1.2% over the past year.

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