U.S. economy adds 201,000 jobs in August

Total U.S. nonfarm payroll employment increased by 201,000 jobs in August, according to the Bureau of Labor Statistics, and the unemployment rate was unchanged at 3.9 percent. Job growth over the past 12 months has averaged 196,000 jobs per month.

Job growth in June and July was revised downward, to 208,000 and 147,000 jobs, respectively — a total of 50,000 jobs fewer than previously reported.

Employment rose in professional and business services (53,000 jobs), healthcare (33,000 jobs), construction (23,000 jobs), wholesale trade (22,000 jobs), and transportation and warehousing (20,000 jobs).

Wages increased by $0.10 per hour in August. In the past 12 months, average hourly earnings for all employees has increased 2.9 percent. Spencer Levy, Americas head of CBRE Research, sees good news and bad news for commercial real estate in the wage growth: “Good news that Americans [are] making more money, helping consumption. Bad news that Fed will see this as a significant inflationary warning sign and put upward pressure on interest rates.”