US Employment Numbers Continue to Surprise

Economy adds more jobs than expected in August, unemployment remains below 3.9%.

The US Nonfarm Payrolls report went out this Friday, as usual, at 12.30 GMT ( 8.30 EST). Nonfarm payrolls grew by 201,000 in August. Economists surveyed by Reuters expected a 191,000 increase.

Average hourly earnings jumped by 2.9 percent, above the 2.7 percent increase expected.

The unemployment rate held near a generational low of 3.9 percent.

The biggest contributor to job gains was professional and business services, which added 53,000. Heathcare grew by 33,000, wholesale trade rose by 22,000, and transportation and warehousing contributed 20,000 to the total.

Stock markets are reacting with a slightly lower open and bond yields are rising because of the fear that the Federal Reserve may increase rates further.

(source US Department of Labor)

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