August Jobs Numbers Point to Solid Economic Growth

The U.S. labor market continued a solid performance in August, with a healthy increase in nonfarm payrolls, sustained low unemployment, a big 0.4% increase in average hourly earnings since last month—the best gain this year—and an increase in aggregate hours worked. Businesses are sufficiently confident in the outlook to continue boosting hiring, and households are pocketing higher wages, which should support healthy consumption gains.