The new jobs report for the month of August was packed with good news The headline number of 165,000 jobs added was solid. Another 55k jobs were added from revisions in previous months.
Data center construction is one of the major drivers of new employment.
But the big number that jumps off the page is the return of the American worker. After many months of troubling declines in the workforce (one million missing workers) from the peak last year, in August we saw a complete reversal. According to the household survey, 683,000 more workers entered the workforce and 569,000 of them found jobs and started earning a paycheck. The labor force participation rate rose.
We think the high demand for workers is raising wages and luring more Americans into the workforce.
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