August Produces 151,000 Increase In Jobs
The labor market remains healthy as the US gained 151,000 new jobs in August, good news for the country's sluggish economy.
Last month's payroll increases follow July's strong job growth. The Bureau of Labor Statistics reported payrolls increased by 255,000 in July, exceeding analyst expectations, according to Bloomberg. The labor market had been in flux the previous few months, missing projections by a wide margin in May when only 11,000 jobs were added, then rebounding in June with 292,000 jobs added.
The slight decline in hires month-to-month is consistent with the state of the economy, which is undergoing a period of weak investments and low interest rates. The Federal Reserve will be looking to the country's labor market throughout the year to help determine if the economy can withstand a rate hike before the year is up. [Bloomberg]