The U.S. unemployment rate remained at 3.7% in August, a month in which 130,000 new jobs were created, the Department of Labor said Friday.

Thus, although the U.S. economy continues at a level close to full employment, the creation of 130,000 new jobs was below analysts’ expectations, who had anticipated some 170,000.

The average wage rose in June by 11 cents an hour up to 28.11 dollars.
In the last 12 months, wages have increased by 3.2%, one tenth less than last month.

The labor force participation rate, that is, the proportion of Americans who are employed or looking for work, improved slightly to 63.2%, two tenths above July.

This was the 107th month of consecutive employment growth in the U.S., the longest recorded boom in the labor market.

At its last monetary policy meeting in July, the Federal Reserve (Fed) decided to cut interest rates to between 2% and 2.25%.

That was the first cut in the price of money in the country in over a decade, as the previous one came just after the acute financial crisis at the end of 2008.

However, the Fed has so far defined the July rate cut as a “mid-cycle adjustment”, avoiding confirming whether it was the beginning of a prolonged cycle of rate cuts, which the central bank usually adopts in times of recession or when a continued slowdown is expected.

The next monetary policy meeting of the US central bank is scheduled for 17-18 September and will present the new US macroeconomic projections.

US President Donald Trump has repeatedly put pressure on the Fed, insisting that the central bank should reduce the price of money to support economic activity.

On Friday, Trump said in his Twitter account that the central bank raised rates “too early” and then “took a long time” to lower them.

Déjanos tu opinión

LEAVE A REPLY

Please enter your comment!
Please enter your name here