Labor Day Progress Report: A Shift Down to Cruising Speed for US Job Market
- Slower-yet-healthy job growth suggests economy has fuel left
- Supply-demand rebalances as openings fall, participation rises
A worker makes a delivery on the boardwalk in Ocean City, New Jersey, US.
Photographer: Al Drago/BloombergThis article is for subscribers only.
A pre-Labor Day flurry of data last week indicated the US job market is shifting to a lower gear but still capable of delivering enough fuel to keep the economy from sputtering.
Friday’s jobs report showed a 187,000 increase in August employment after downward revisions in the prior two months. Earnings growth cooled, but workers were also able to put in longer hours. More people entered the labor force too, helping bring supply and demand into better balance.