Job Market Still Robust
The latest employment data suggests that the labor market is still at full strength as the stock market is in the midst of an extended bull run. Last week, ADP and Moody’s Analytics reported that private payrolls added 163,000–less than the expected 190,000 and the Labor Department reported unemployment filings fell to a 49-year low.
The employment data may have presented investors with a mixed bag, but it still reveals a robust job market despite private payrolls missing its expectations. Companies added 163,000 jobs in August, which represents a tangible slowdown versus the 217,000 added in the previous month and below the average of 206,000 a month.
Additionally, the month of August revealed a steep decline in hiring by small businesses, but in spite of this, the labor market continues to thrive. Furthermore, this sentiment is paired with an unemployment rate that continues to be at historically low levels.
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