The gains probably still aren’t fast enough, though, to spur concerns of runaway inflation among Fed officials. While the unemployment rate is well below the level that central bankers consider sustainable in the long run, inflation has remained close to the central bank’s target, leading some to question whether the Fed should keep raising interest rates.
Here are other highlights from the report:
Payrolls
Revisions subtracted 12,000 jobs from payrolls in the prior two months, resulting in a three-month average gain of 170,000. Private payrolls rose by 161,000, compared with the median estimate for 198,000; government payrolls decreased by 6,000. Service providers added 132,000 jobs, including 40,100 in health care and social assistance. The 32,000 gain in professional and business services was the smallest since December 2017.
Wages
Average hourly earnings for production and non-supervisory workers increased 3.2 percent from a year earlier, following 3.2 percent in the prior month. The average work week decreased to 34.4 hours from 34.5 hours in the prior month; a shorter workweek has the effect of boosting average hourly pay.
Households
The participation rate was unchanged from the prior month at 62.9 percent. The measure tracks share of working-age people either with jobs or actively looking. The employment-population ratio, another broad gauge of labor-market health, was unchanged at 60.6 percent. The U-6, or underemployment rate, rose to 7.6 percent from 7.4 percent. This measure includes part-time workers who want a full-time job and people who are less active in seeking work.
This article was provided by Bloomberg News.