Knoxville, TN Jobs Report
The unemployment rate remained flat at 3.7 percent and added 130,000 jobs in August, according to the Bureau of Labor Statistics’ latest release. Friday’s report also included revisions to previous data, adjusting June and July’s reports down by 20,000 jobs. June’s change dropped to 178,000 jobs, and July’s reading was cut to 159,000 jobs. After revisions employment gains have averaged 156,000 per month over the last three months.
In an article from the Los Angeles Times they write, “With slower but still solid job gains and good wage growth, households will continue to spend,” said Gus Faucher, chief economist at PNC. “The U.S. economy should avoid recession.” One reason hiring is slipping is that, with the unemployment rate so low, companies are having a harder time finding qualified workers. The solid wage gain in August suggests that more businesses are deciding to offer higher pay to attract and keep employees. “That’s a sign we’re in pretty good shape here,” said Drew Matus, an economist at Metlife Investment Management.”
As far as the labor force participation rate goes, it once again ticked up to 63.2 percent. This is the highest level since March, and shows that workers are either employed or are actively looking for work. Average hourly wages rose once again by 11 cents, beating June & July’s back to back 9 cent gains.
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.