On Friday, September 6, 2019, the Department of Labor reported the August employment situation. Job growth for August came in at 130,000 well below the June figure of 178,000 and the July number of 159,000. The June and July figures were also adjusted downward by a total of 20,000 from the original estimates. By comparison, the growth figure for the August 2018 month was 282,000. Looking at a three-month average, the current job growth figure is 156,000 compared to a three-month average of 241,000 a year ago. Average hourly earnings rose 3.1% from a year ago to $28.11.
The total labor force is now 163.9 million, up from 161.8 million a year ago. Total employment is now 157.8 million compared to 155.6 million in August 2018. The unemployment rate remained at 3.7% in August 2019.
Investors will now focus on the Federal Reserve whose Open Market Committee will be meeting on September 17-18. Most observers expect the Fed to lower short-term rates by one quarter of a point from the current 2+% level.