It is almost becoming boring as we added 201,000 jobs for the month of August and the unemployment rate remained at 3.9%. The only thing that generated a little bit of excitement in this report was the acceleration of pay. That average wage rose by 10 cents to 27.16 per hour. That translates to a 2.9% increase on an annual basis from 2.7%.
White collar professionals led the way with 53,000 new workers followed by health care at 33,000 and transportation at 20,000.
The economy surged in the spring helping to add an average of 207,000 jobs a month this year and that is faster than the pace in 2016 and 2017. We could get used to this kind of boring.