U.S. job growth accelerated in August. Reuters reports that wages notched their largest annual increase in nine years, strengthening views the economy was so far weathering the Trump administration’s escalating trade war with China.
the Labor Department said on Friday, nonfarm payrolls surged by 201,000 jobs last month. It was boosted by hiring at construction sites, wholesalers and professional and business services. The economy needs to create 120,000 jobs per month to keep up with growth in the working-age population.
Average hourly earnings increased 0.4 percent, or 10 cents in August. This after rising 0.3 percent in July. That raised the annual increase in wages to 2.9 percent in August, the largest increase since June 2009, from 2.7 percent in July.