by Wolf Richter
Wolf Street
Job growth bounces back some, hourly earnings jump, unemployment dips, but job growth is too slow to absorb the massive influx of immigrants.
Payrolls at employers rose by 142,000 jobs in August, the most since May, and a bounce-back from July, which was revised down to 89,000 new jobs (may have been affected by the bad weather across a big part of Texas due to Hurricane Beryl), and from June, which was revised down to 118,000, according to the Bureau of Labor Statistics today (blue in the chart).
The three-month average — which includes the revisions and irons out the month-to-month squiggles — declined to 116,000 jobs, dragged down by the July report, and at the very low end of the three-month averages in 2018 and 2019 (red).