The Wall Street party is over and some who thought they had gotten rich quickly are now looking for real work. From Wolf Richter at wolfstreet.com:
Interesting stuff happening in the labor market, suddenly.
Employers added 315,000 workers to their payrolls in August, and 1.13 million over the past three months – solid growth.
Households reported that the number of working people in regular jobs or self-employed jumped by 442,000 in August, after having been essentially flat for months. There have been indications that aggressive hiring by employers pulled some self-employed workers out of self-employment and onto regular payrolls. Hence the sharp increase in payrolls and the more slowly growing overall number of working people.
Wages rose again, but a tad less sharply. The number of unemployed people actively looking for work ticked up from July, but July had been the lowest level since the year 2000 at the peak of the dotcom bubble.
The biggest movements were the jumps in the labor force, in the labor force participation rate, and in the prime-age labor force participation rate, a welcome turn in a labor market pressured by demand for labor and labor shortages.