The U.S. added 235,000 jobs in August, well below consensus. What's next from the Fed?
A Peek Under the Hood of Today's Report
It was good to see 37,000 jobs added in manufacturing and 53,000 jobs added in transportation and warehousing during August. Those are categories you like to see going up because they can speak to decent underlying growth in economic demand by businesses and consumers. Also, average hourly earnings rose 0.6%, which was above the 0.3% estimate and might have partly reflected lack of growth in the low-paying Leisure and Hospitality sector.
Monday is a holiday and the markets are closed. Market Update won’t be published that day, but will return Tuesday.
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