Economic Report 09.09.19

KEY MARKET INDICATORS as of Sept 09, 2019

August Job Market Report

This month’s job market data shows the extent of the slowdown in the economy since late-2018. The economy added 130,000 jobs on net in August, representing an year-over-year growth rate of 1.4%. That is 0.4 percentage point below the growth between September 2018 and January 2019. The slowdown probably won’t end here. Even if the economy continued to add 130,000 jobs a month for the remainder of the year, the year-over-year growth rate would slow to 1.2% at the end of 2019, representing a slowdown of 0.6 percentage point from late last year. Most economists surveyed by the Wall Street Journal expect a 1 percentage point slowdown in the economy, that would imply job growth of below-100,000 a month. Despite the slowdown, the labor market remains tight today, with a low unemployment rate of 3.7%. That continues to support strong wage growth, which came in at 3.2% for private-sector employees and 3.5% for production workers.

Tian Liu, Genworth Mortgage Insurance Chief Economist
919 807.9584

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Disclaimer: Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinions of Genworth Mortgage Insurance and are subject to change without notice. Genworth Mortgage Insurance has no obligation to provide revised assessments and assumes no duty to update information in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, Genworth Mortgage Insurance cannot guarantee the accuracy of the information provided. Certain data discussed in this report is publicly available only on a time delayed basis. Genworth Mortgage Insurance strives to analyze data as it becomes available, but makes no representation that all data is reviewed immediately upon release.

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