US payrolls misses in August; earnings up from “lack of low-wage hiring”

Summary: Non-farm payrolls increase by 235K in August; well below expectations; previous two months’ figures revised up by 134K; jobless rate down to 5.2%, participation rate steady at 61.7%; “whisper number was for weak print”; jobs-to-population ratio ticks up to 58.5%; Delta halts labour gains in some industries; underutilisation rate falls from 9.2% to 8.8%; annual hourly pay growth increases to 4.3%; earnings up from “lack of low-wage hiring”. The...

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