CIBC discusses its reaction to today's US jobs report for the month of August.
"Americans continued to get back to work in August, but the job market remained a long way from home nevertheless. The 1.4 million advance in payrolls was in line with market expectations, and drove the jobless rate from double digits to a still-elevated 8.4%. Note that about a quarter of the gain came in government jobs, largely due to temporary census worker hiring. That said, gains elsewhere stretched across retailing, other services and manufacturing. Total hours worked were up 1.2%, slightly faster than July." CIBC notes.
"Overall, this was brighter than some of the high frequency numbers that showed a larger deceleration in August, but essentially in line with expectations for the headline hiring gain," CIBC adds.