- Unemployment stays unchanged at 3.7% in August as expected.
- Wage inflation, as measured by average hourly earnings, came in at 3.2% (YoY) in July.
- July’s NFP reading of 164,000 gets revised down to 159,000.
The US Bureau of Labor Statistics on Friday reported that Nonfarm Payrolls in August increased by 130,000 following July’s reading of +159,000 (revised from 1644,000) and came in weaker than the market expectation of 158,000.
With the initial reaction, the US Dollar Index edged lower and last down 0.02% on the day at 98.35.
Key takeaways from the press release
“The unemployment rate was unchanged at 3.7%.”
“In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $28.11, following 9-cent gains in both June and July.”
“Over the past 12 months, average hourly earnings have increased by 3.2%.”
“The labor force participation rate edged up to 63.2% in August but has shown little change, on net, thus far this year.”