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In August, the U.S. economy added 187,000 net new jobs and the unemployment rate increased to 3.8%, but for “good” reasons. There were downward revisions to employment gains in June and July, totaling 110,000. Wage growth cooled substantially and the reason unemployment rose was because the pool of available workers (the labor force) expanded noticeably. The prime-age labor force participation rate is up to 83.5%, the highest level in over 20 years.
Employment growth is easing
The U.S. labor market is cooling, clearly. With the downward revisions to June and July, the 3-month average is about 150,000, just above
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