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在线翻译:
szdaily -> World Economy -> 
US job growth surges; wage gain hits record
    2018-09-10  08:53    Shenzhen Daily

U.S. job growth accelerated in August and wages notched their largest annual increase in more than nine years, the clearest signs that the economy was so far weathering the Trump administration’s protectionist trade policies.

The U.S. Labor Department’s closely watched employment report published Friday also showed slack in the jobs market was rapidly diminishing, with a broader measure of unemployment falling to a level not seen since 2001. The report cemented expectations for a third interest rate increase from the Federal Reserve this year when policymakers meet Sept. 25-26.

Analysts say the administration’s US$1.5 trillion tax cut package and increased government spending were shielding the economy from the trade tensions, which have also seen Washington engaged in tit-for-tat tariffs with its trade partners, including China, the European Union, Canada and Mexico.

“With the tax cuts and spending increases creating a sugar high, there is little reason to expect labor demand to moderate over the rest of this year or even in the first half of next,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.

Nonfarm payrolls surged by 201,000 jobs last month, boosted by hiring at construction sites, wholesalers and professional and business services, the Labor Department said. There were also gains in transportation and health-care employment.

Average hourly earnings increased 0.4 percent, or 10 U.S. cents in August after rising 0.3 percent in July. That raised the annual increase in wages to 2.9 percent in August, the largest gain since June 2009, from 2.7 percent in July.

Wage growth has been the labor market’s Achilles heel and last month’s increase fit in with economists’ expectations that inflation will continue to bounce around the Fed’s 2-percent target for the remainder of this year and into early 2019.

“Even if we were to see a reversal of some of the monthly wage gains, short of a collapse, current levels support the Fed’s symmetric 2-percent inflation target,” said Marvin Loh, senior global market strategist at BNY Mellon in Boston. “The market fully expects another hike in September.”

A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, fell one-10th of a percentage point to 7.4 percent in August, the lowest level since April 2001.

The unemployment rate was unchanged at 3.9 percent. Economists polled previously had forecast nonfarm payrolls increasing by 191,000 jobs last month and the unemployment rate falling to 3.8 percent. The economy created 50,000 fewer jobs in June and July than previously reported. Job growth averaged 185,000 per month in the past three months. (SD-Agencies)

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