September 7, 2018

Strong August U.S. Jobs Growth Suggests That Higher Interest Rates Are Coming

Pacific Union Chief Economist Selma Hepp breaks down the latest employment numbers.


  • Today’s national employment report from the U.S. Bureau of Labor Statistics offers continued support for strong economic growth, with an increase of 201,000 jobs in August.
  • Over the last 12 months, the U.S. economy has added 2.33 million jobs. After downward revisions of June and July data, job gains have averaged 185,000 per month over the last three months. The current economic cycle is the longest continuous expansion on record, with 95 straight months of job additions.
  • The national unemployment rate remained at 3.9 percent. The alternative measure of examining the number of people working part-time for economic reasons (in other words, those who would prefer full-time employment) decreased further to 7.4 percent, the lowest level since April 2001.


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