US employers added 528,000 jobs last month, more than all estimates, the unemployment rate fell to a five-decade low of 3.5%, and wage growth accelerated
The labour market has now recouped all the jobs lost during the Covid-19 pandemic, though government employment remains about 597,000 jobs in the hole. Overall employment is now 32,000 jobs higher than in February 2020
The 40-day strike by members of the United Auto Workers union, which came as hiring was already slowing, could make it difficult to get a clear pulse on the labor market and clues on the health of consumers, the economy's engine.
US job growth surged in June as factories and retailers boosted hiring, confirming the economy has regained speed after a first-quarter lull, but tepid wage growth could see the Federal Reserve still cautious about hiking interest rates
Employment in the private sector rose more than expected in June, led by gains in small-business jobs, according to a report Thursday from ADP and Moody's
Amid worries about slowing job growth, Federal Reserve officials remain only tentatively committed to two more rate hikes this year, and provided indications Wednesday that there might be only one.
The Reserve Bank is likely to keep interest rates on hold in the next month's monetary policy meet, but may slash the key lending rate by a 50-75 basis points by March 2016, Morgan Stanley on Thursday said.
Economists expected payroll growth of 225,000 in August following July's upwardly revised 212,000. The unemployment rate was forecast to drop to 6.1 percent from 6.2 percent.
Employers added 195,000 new jobs to their payrolls last month, the Labor Department said, while unemployment rate held steady at 7.6 percent as more people entered the workforce, this in turn cemented expectations for the Fed to start winding down its stimulus program by September
US job growth likely picked up modestly in January and the unemployment rate held steady, supporting views the economy's sluggish recovery was on track despite a surprise contraction in the final three months of 2012.
US job growth accelerated more than expected in July as private employers stepped up hiring, a development that eased fears the economy was sliding into a fresh recession.
The US economy probably created more jobs in December than any month since May, confirming a self-sustaining recovery is underway, but the unemployment rate is seen edging down only slightly.