Page 25 - ARUBA TODAY

BUSINESS Tuesday 5 sepTember 2017
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US job growth slowed in August but economy still looks solid

By JOSH BOAK ures for August. Employers
AP Economics Writer are gearing up for the start
WASHINGTON (AP) — The of fall, schools are reopen-
U.S. job market hit a lull ing and the government
in August, with employ- can’t always precisely fac-
ers adding a solid but tor those changes into its
less-than-robust 156,000 August employment data.
jobs and holding back on “It’s more noise than sig-
meaningful pay raises for nal,” Joe Brusuelas, chief
most workers. economist at tax consul-
The August jobs report from tant RSM, said of Friday’s
the government pointed report. “Focus on the lon-
to an economy that is still ger-term trend of growth in
steadily generating jobs, employment.”
though more slowly than One persistent soft spot in
it did earlier in its recovery the job market has been
from the Great Recession. meager pay raises. Aver-
With the economy now in age hourly pay rose just
its ninth year of expansion 2.5 percent over the 12
and unemployment near a months that ended in Au-
16-year low, fewer people gust. Wage growth typi-
are looking for work and cally averages 3.5 percent
fewer jobs are being filled. to 4 percent annually when
The hiring data for August In this Thursday, Aug. 24, 2017 photo, Kathy Tringali, right, a recruiter for retailer Big 5 Sporting unemployment is this low.
Goods, talks to job seekers during a job fair in San Jose, Calif. The U.S. job market hit a lull in
had yet to account for the August, with employers adding a solid but less-than-robust 156,000 jobs and holding back on Economists note that low
damage from Hurricane meaningful pay raises for most workers. unemployment normally
Harvey, whose economic (AP Photo/Marcio Jose Sanchez) results in higher pay raises
impact will be felt in com- tories. revised down its estimate One reason why few ana- once employers feel com-
ing months as more people The unemployment rate of job growth in June and lysts expressed concern pelled to pay more to at-
seek unemployment ben- ticked up from 4.3 percent July by a combined 41,000, about last month’s slower tract or keep workers. Most
efits and industrial produc- to a still-low 4.4 percent, leaving an average month- job gain is that monthly say they think U.S. wage
tion will likely reflect the loss the Labor Department ly gain this year of a decent employment reports can growth will eventually
of Texas refineries and fac- said. The government also 176,000. be volatile — especially fig- accelerate.q

US auto sales down in August as Harvey hurts demand

sales drop 2 percent. lower inventory in the rest ing or other damage in
U.S. auto sales were ini- of the country will mean the storm, but he says he’s
tially expected to increase consumers will be less likely seen other dealers up and
slightly in August compared to find good deals, Smoke down the freeways lose
with a year ago, break- said. all of their inventory and
ing a seven-month streak None of Wischnewsky’s their buildings have been
of sales declines. U.S. sales dealerships suffered flood- damaged.q
are plateauing after reach-
ing a historic high last year,
but August had one more
business day than last year,
and buyers were getting
good deals on popular out-
going models like the Toy-
In this Wednesday, April 26, 2017, photo, Chevrolet trucks
are lined up in lot at a Chevrolet dealership in Richmond, Va. ota Camry as new models
Hurricane Harvey took a toll on U.S. auto sales in August, but hit dealerships.
the storm could boost sales this fall as people replace flooded Sales will likely pick up soon
vehicles. because people with dam-
(AP Photo/Steve Helber) aged cars will need to re-
By DEE-ANN DURBIN 20,000 vehicles, forecasting place them quickly. In the
AP Auto Writer firm LMC Automotive said. month following Super-
DETROIT (AP) — Hurricane Not everyone reported storm Sandy in 2012, ve-
Harvey took a toll on U.S. bad news. General Motors hicle sales in the New York
auto sales in August, but said its sales rose 7.5 per- area jumped 49 percent,
the storm could boost sales cent compared with last said Jonathan Smoke, the
this fall as people replace August. Toyota’s were up 7 chief economist for Cox
flooded vehicles. percent and Volkswagen’s Automotive, the parent
U.S. sales of new cars and rose 9 percent. All three au- company of Kelley Blue
trucks fell 2 percent in Au- tomakers reported strong Book.
gust, according to Auto- sales of SUVs. Smoke estimates that
data Corp. Harvey hurt de- But Hyundai’s sales plum- 300,000 to 500,000 vehicles
mand in the Houston area meted 25 percent. Nissan’s will need to be replaced as
— the ninth-largest vehicle sales dropped 13 percent a result of Harvey. That de-
market in the nation — cut- and Fiat Chrysler’s sales mand will help automakers,
ting U.S. sales of new cars were down 11 percent. who can move their excess
and trucks by an estimated Ford and Honda both saw inventory to Houston. But