&nbsp;US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China.

Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers.

The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world.

The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008.

"The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point."

Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population.

The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month.

August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength.

Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray &amp; Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August.

Bullish consumers

But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month.

Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018.

The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February.

The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation.

"Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions."

The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July.

"While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&amp;P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow."

Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016.

Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July.

Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession. The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China. Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers. The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world. The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008. "The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point." Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month. August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength. Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray & Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August. Bullish consumers But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month. Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018. The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February. The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation. "Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions." The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July. "While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow." Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016. Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July. Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

Slower US job growth expected, but enough to support economy

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April.

European bourses also advanced following the US report, which set <a href="https://www.wionews.com/world/us-job-creation-surges-in-april-as-unemployment-hits-49-year-low-215776">unemployment at a 49-year low</a>.

"No signs of a slowdown here," said James Knightley, chief international economist at ING.

The US economy added 263,000 net new positions in April, well above the 200,000 forecasts by analysts.

Unemployment fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force, the Labor Department reported.

Even with the positive attributes to the April jobs data, the report showed wage inflation was measured, putting little pressure on the US Federal Reserve to boost interest rates, analysts said.

"Neither too hot nor too cold," said Stephen Innes, head of trading at SPI, calling the US data "another Goldilocks" payroll report.

"The US economy remains in the sweet spot with extremely robust labour markets driving strong consumption growth but apparently without stoking the inflationary fires," he said.

The tech-rich Nasdaq climbed 1.6 per cent to 8,164.00, about two points above a record earlier in the week.

Bourses in London, Paris and Frankfurt advanced modestly.

Despite the strong jobs data, FTN Financial's Chris Low pointed to a report from the Institute for Supply Management that showed slowing services sector activity.&nbsp;

"I don't think everything is quite as rosy as the jobs numbers suggest but for now traders are happy," FTN Financial's Chris Low told AFP.&nbsp;

Low said investors were also cheered by news that Warren Buffett's Berkshire Hathaway had invested in Amazon, which jumped 3.2 per cent.

"It's him (Buffett) signing off the on the US stock market rally," Low said. "It's not like him to make a high-profile buy at a market top."

The billionaire all-star investor disclosed the move in an interview with CNBC. Buffett previously has lamented not getting into Amazon at an earlier stage, blaming "stupidity" for missing the opportunity in a 2017 interview.

In commodities trading on Friday, oil prices rebounded after falling hard on Thursday in the wake of a surprisingly large build in US oil inventories. Some analysts viewed the increase as a reflection of the improved demand outlook for the US following the strong jobs data.

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April. European bourses also advanced following the US report, which set unemployment at a 49-year low.

The tech-rich Nasdaq powered to a fresh record Friday as Wall Street cheered a much better than expected US jobs report for April. European bourses also advanced following the US report, which set unemployment at a 49-year low. "No signs of a slowdown here," said James Knightley, chief international economist at ING. The US economy added 263,000 net new positions in April, well above the 200,000 forecasts by analysts. Unemployment fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force, the Labor Department reported. Even with the positive attributes to the April jobs data, the report showed wage inflation was measured, putting little pressure on the US Federal Reserve to boost interest rates, analysts said. "Neither too hot nor too cold," said Stephen Innes, head of trading at SPI, calling the US data "another Goldilocks" payroll report. "The US economy remains in the sweet spot with extremely robust labour markets driving strong consumption growth but apparently without stoking the inflationary fires," he said. The tech-rich Nasdaq climbed 1.6 per cent to 8,164.00, about two points above a record earlier in the week. Bourses in London, Paris and Frankfurt advanced modestly. Despite the strong jobs data, FTN Financial's Chris Low pointed to a report from the Institute for Supply Management that showed slowing services sector activity. "I don't think everything is quite as rosy as the jobs numbers suggest but for now traders are happy," FTN Financial's Chris Low told AFP. Low said investors were also cheered by news that Warren Buffett's Berkshire Hathaway had invested in Amazon, which jumped 3.2 per cent. "It's him (Buffett) signing off the on the US stock market rally," Low said. "It's not like him to make a high-profile buy at a market top." The billionaire all-star investor disclosed the move in an interview with CNBC. Buffett previously has lamented not getting into Amazon at an earlier stage, blaming "stupidity" for missing the opportunity in a 2017 interview. In commodities trading on Friday, oil prices rebounded after falling hard on Thursday in the wake of a surprisingly large build in US oil inventories. Some analysts viewed the increase as a reflection of the improved demand outlook for the US following the strong jobs data.

Nasdaq ends at record as global stocks cheers strong US jobs growth

The US added 313,000 net new non-farm jobs in February which is more than any month since July 2016, the government reported on Friday.

Robust hiring in construction, retail and manufacturing contributed to the increase in jobs.

The goods-producing sector, including mining, manufacturing and the auto sector, added 100,000 new positions while the private services sector added 187,00 jobs. The public sector added 26,000, jobs with increased hirings in education and at the state government level.

The unemployment rate remained steady at 4.1 per cent for the fifth month in a row, the Labor Department said in its highly-anticipated monthly report.

Moreover, the job gains in December and January were revised to 54,000, bringing the average monthly job creation to a strong 242,000 a month for the latest three months, the Labor department added.

Hourly wages gained 0.2 per cent for the month, matching analyst expectations but putting compensation up 2.6 per cent over the same month last year -- ahead of consumer inflation, which was measured at 2.1 per cent. That could fuel concerns about rising inflation pressures.

There also were signs the hunger for increasingly scarce workers was causing companies to dig deeper into the labour pool.

The number of discouraged workers or those marginally attached the labor market -- such as people working part time who want a full-time position -- fell 149,000 from a year earlier to 373,000.

The results are a shot in the arm for US President Donald Trump as his support for his &quot;America First&quot; economic agenda appeared to be on shaky ground.

(With inputs from AFP)

Robust hiring in construction, retail and manufacturing contributed to the increase in jobs

The US added 313,000 net new non-farm jobs in February which is more than any month since July 2016, the government reported on Friday. Robust hiring in construction, retail and manufacturing contributed to the increase in jobs. The goods-producing sector, including mining, manufacturing and the auto sector, added 100,000 new positions while the private services sector added 187,00 jobs. The public sector added 26,000, jobs with increased hirings in education and at the state government level. The unemployment rate remained steady at 4.1 per cent for the fifth month in a row, the Labor Department said in its highly-anticipated monthly report. Moreover, the job gains in December and January were revised to 54,000, bringing the average monthly job creation to a strong 242,000 a month for the latest three months, the Labor department added. Hourly wages gained 0.2 per cent for the month, matching analyst expectations but putting compensation up 2.6 per cent over the same month last year -- ahead of consumer inflation, which was measured at 2.1 per cent. That could fuel concerns about rising inflation pressures. There also were signs the hunger for increasingly scarce workers was causing companies to dig deeper into the labour pool. The number of discouraged workers or those marginally attached the labor market -- such as people working part time who want a full-time position -- fell 149,000 from a year earlier to 373,000. The results are a shot in the arm for US President Donald Trump as his support for his "America First" economic agenda appeared to be on shaky ground. (With inputs from AFP)

US jobs surge 313,000 in February, highest in 1.5 years

us-jobs-growth

Us Jobs Growth, News on Us Jobs Growth, stories on Us Jobs Growth, articles on Us Jobs Growth, Us Jobs Growth stories at Wion, Us Jobs Growth news, Us Jobs Growth latest news

us jobs-growth

Slower US job growth expected, but enough to support economy

Nasdaq ends at record as global stocks cheers strong US jobs growth

US jobs surge 313,000 in February, highest in 1.5 years