The US economy shows signs of cracking, but the US jobs market remains solid.
Employers added 130,000 jobs in August. The unemployment rate remained steady at 3.7%.
The economy has gained jobs for 107 consecutive months, but the pace of hiring has slowed recently. The United States has added an average of 158,000 jobs this year, compared to 223,000 jobs on average in 2018.
Hiring got a big boost in advance of next year’s US census. The government hired 25,000 temporary employees to help with the nationwide project.
Wages grew at a healthy 3.2% over the past year. That was somewhat better than economists expected and could help inflation, which has remained stubbornly low.
The African-American unemployment rate fell dramatically to 5.5% from 6%. That was a record low for the data, which have been collected since 1972. The decline was led by a sharp drop in the unemployment rate for black women.
Hispanic unemployment fell to 4.2% from 4.5%. The race-based unemployment rate is a sometimes volatile number.