The job market is strong, but wage growth still lags
The U.S. economy added 156,000 jobs in August, while the unemployment rate ticked up slightly to 4.4% — missing economists' expectations. Taken in context, companies still can't find enough workers to fill their open slots, but this hasn't translated into faster wage growth, as average hourly earnings were up just 2.5% year-over-year — little more than the rate of inflation. Economists had expected 180,000 new jobs and an unemployment rate of 4.3%.
Turmoil in the "information" sector: Here we look at the information sector, which shed 8,000 jobs in August. Jed Kolko, chief economist at Indeed, emails Axios to say that the sector "includes tech, so people typically assume that it's booming. But several job-losing industries are in the information sector as well, like broadcasting, motion pictures production, and telecommunications."
Data: Bureau of Labor Statistics; Graphic: Chris Canipe / Axios