Job growth in the U.S. steadied in August
Job growth in the United States steadied in the month of August following two months of strong gains.
That is the projected outcome of the upcoming employment report from the Labor Department, which is expected to show an increase of 180,000 in nonfarm payrolls.
The average monthly employment gains so far in 2017 stands at 184,000, with the figure hitting 200,000 in both June and July - though wage growth continues to be sluggish across the country.
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“The job market is in very good shape, but wage growth is very disappointing and that’s likely to continue for over the next several months,” said Ryan Sweet, senior economist at Moody’s Analytics, told Reuters.
The growth is jobs is expected to allow the Federal Reserve the leeway to start trimming its portfolio of Treasury bonds and mortgage-backed securities, which is estimated at $4.2tn.
Sweet added: “Whether or not the Fed moves in December will be contingent on inflation.”