United States economy grows in August, as businesses add 201000 jobs

United States economy grows in August, as businesses add 201000 jobs

The US economy added 201,000 jobs, while the unemployment rate stayed at 3.9%.

The job gains for August were roughly in line with the average for the last 12 months, which is 196,000.

On a more discouraging note, the revisions for the two previous months - June and July - were unusually bad, with a combined loss of 50,000 jobs as compared to previous BLS reports.

Wage growth - and more specifically, the lack of vigorous pay raises - continued to be an issue in the report from the Bureau of Labor Statistics, with average hourly earnings nudging slightly upward to 2.9 percent annual growth from July's 2.7 percent.

Average hourly earnings were expected rise 0.2% over the prior month and 2.7% over the prior year.

This developing report will be updated. The tariffs on an additional $467 billion would raise duties on virtually all US imports from China.

Analysts say the Trump administration's $1.5 trillion tax cut package and increased government spending were shielding the economy from the trade tensions. They increased payrolls by 18,000 jobs in July, while government employment fell 3,000 in August.

They also note that the import duties implemented so far have affected only a small portion of the United States economy, but warned this could change if President Donald Trump pressed ahead with additional tariffs on Chinese imports.

Tesla chief Elon Musk smokes marijuana on live web show
Air Force is reviewing the security clearance of Elon Musk , the chief executive of automaker Tesla Inc are inaccurate, a U.S. But Musk also said this isn't really a priority, and he also dismissed the concept of a flying auto as impractical.

BMW cars to get virtual assistant from March 2019
In essence, it is like having a personal butler for your vehicle that you can communicate with via natural voice control. BMW's Intelligent Personal Assistant learns routines and habits so that it can apply them in the appropriate context.

Trump tells supporters it'll be 'your fault' if he gets impeached
Trump said during an August interview with "Fox and Friends" host Ainsley Earhardt that the market would crash if he were forced out of office.

Many economists also worry that President Donald Trump will soon follow through on a threat to impose tariffs of up to 25 percent on $200 billion of imports from China.

The details across industries showed manufacturing payrolls fell by 3 000 in August, breaking an nearly yearlong streak of solid gains and missing the median estimate for a 23 000 increase. Sales of existing homes dropped in July for a fourth straight month. Manufacturing employment was weighed down by declines in machinery, computer and electronic products and motor vehicle and parts industries.

"The labour market looks great", said Ward McCarthy, chief financial economist at Jefferies in NY.

Construction companies hired 23,000 more workers last month after increasing payrolls by 18,000 jobs in July.

- USD Unemployment Rate (AUG): 3.9% versus 3.8% expected, unch.

Above you'll find the chart I run every month, showing monthly changes in total jobs since the start of the Great Recession.

Employment at sporting goods, hobby, book and music stores rebounded by 9,200 jobs in August after shedding 30,300 jobs in July related to the closing of all Toys-R-Us stores. Payrolls in the professional and business services industries rose by 53,000 jobs in August.

Manufacturing lost 3,000 jobs, which is surprising given other signs of strength in the manufacturing sector.

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