September employment update

August job growth once again passed the 200,000 mark.

With 201,000 net new jobs, August rebounded after a slower July, aided by growth in a variety of sectors, most notably a resurgence in transportation, warehousing and wholesale trade.

Without an acceleration in the expansion of the labor force, however, unemployment is still at a cyclical low of 3.9 percent, leaving corporates with minimal slack for expansion and recruitment.

Wage growth rose by 20 basis points to 2.9 percent in August, above the 2.7-percent rate that it was stuck at for much of 2018 even as talent shortages have hit nearly every market.

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