Tepid Payroll Additions

From Holden:

The Bush Boom added 128,000 new non-farm jobs in August, more than te 121,000 that was forecast but less than the 150,000 new jobs economists say we need to add each and every month in order to tread water.

And the really bad news is wages are stagnant.

Despite the lower unemployment rate, the average hourly wage was up only 2 cents, or 0.1 percent, to $16.79. That was less than the 0.3 percent rise forecast by economists and well below the revised 0.5 percent increase seen in July.

The wage increase took seasonally-adjusted wages up 3.9 percent compared to a year earlier, the same rate of increase seen the previous two months. The fact that the wage increase stayed below 4.0 percent was seen as making slightly more likely the Federal Reserve will again leave interest rates unchanged at its Sept. 20 meeting.