>> American workers are smiling all the way to the bank. A report released Friday by the Labor Department showed a jump in annual wages that was the biggest in nine years. The wage gains just another sign the American labor market is holding up, despite the escalating trade war between the Trump White House and China.
in New York. The jump in take-home pay could be the first sign American employers are being forced to pay their workers more because of a tight labor market. And there was more good news in Friday's all-important jobs report. The U.S economy added 201,000 jobs in the month of August, that was slightly ahead of expectations.
The unemployment rate held steady at 3.9%.>> Employment gains were broad based, and even the sectors of the economy like trade, transportation, and warehousing, and mining that could see blow-back from US trade spats with Canada, Mexico, and the European Union are still hiring. The manufacturing sector, overall, was a job loser led by the auto sector.
Economists say that will be something to worry about if it continues. The jobs report, strong enough to give the Federal Reserve the green light to hike interest rates at its meeting later this month. But policy makers and economists are still watching to see what happens on the trade front.
The Trump administration is expected to slap tariffs on another $200 billion worth of Chinese-made goods, and the Chinese have vowed to match that.