The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
E-cigarette maker Juul Labs Inc.'s sales have been halted on two websites in China, just days after it launched in the world's biggest tobacco market.Biotech and Pharmaceuticalsread more
Investors might be wary that gasoline prices will continue to rise, and are looking to take back profits by selling off shares.Retailread more
The Trump administration move on California's auto emissions standards would likely set up a fight between the White House and the state.Politicsread more
"I feel really confident that defense-minded CEOs, when they are on defense, they're going to come to" flexible offices and away from traditional leases, Knotel CEO Amol Sarva...Commercial Real Estateread more
Fanatics has hired Michener Chandlee, Nike's corporate audit and chief risk officer, to become its chief financial officer, succeeding Lauren Cooks Levitan, CNBC has learned.Retailread more
(Updates with report)
* Nonfarm payrolls increase 130,000 in August
* Unemployment rate holds steady at 3.7%
* Average hourly earnings gain 0.4%
* Average workweek rises to 34.4 hours
WASHINGTON, Sept 6 (Reuters) - U.S. job growth slowed more than expected in August, with retail hiring declining for a seventh straight month, but strong wage gains should support consumer spending and keep the economy expanding moderately amid rising threats from trade tensions.
The Labor Department's closely watched monthly employment report on Friday also showed a rebound in the workweek as manufacturers increased hours for workers after slashing them in July. The economy's waning fortunes, underscored by an inversion of the U.S. Treasury yield curve, have been largely blamed on the White House's year-long trade war with China.
Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers.
The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world.
The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The U.S. central bank lowered borrowing costs in July for the first time since 2008.
Nonfarm payrolls increased by 130,000 jobs last month, the government said. The economy created 20,000 fewer jobs in June and July than previously reported. Economists polled by Reuters had forecast payrolls rising by 158,000 jobs in August.
A seasonal quirk could account for last month's less-than-expected increase in employment. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength.
But slower job growth is also in line with sharp declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray & Christmas reported a 37.7% jump in planned job cuts by U.S-based employers in August.
Job gains have averaged 156,000 over the last three months, but still above the roughly 100,000 per month needed to keep up with growth in the working age population. The unemployment rate was unchanged at 3.7% for a third straight month as more people entered the labor force.
Though the trade impasse does not appear to be spilling over to the labor market, job growth has been slowing since mid-2018.
The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February.
The government has also trimmed economic growth for the second quarter. The employment report showed average hourly earnings gained 0.4% last month, the largest increase since February, after rising 0.3% in July. But the annual increase in wages dipped to 3.2% from 3.3% in July as last year's surge dropped out of the calculation. Strong consumer spending is supporting the economy.
The workweek rebounded after dropping to its lowest level in nearly two years in July. The average workweek rose to 34.4 hours in August from 34.3 hours in July. A measure of hours worked, which is a proxy for gross domestic product, increased 0.4% after falling 0.2% in July.
Manufacturing employment rose by a tepid 3,000 jobs last month after increasing 4,000 in July. The weakness was flagged by the report on Tuesday from the ISM showing its gauge of factory employment dropped in August to its lowest level since March 2016.
Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. The manufacturing workweek rose 0.2 hours to 40.6 hours.
Construction payrolls increased by 14,000 jobs after slipping by 2,000 in July. Retail employment dropped by 11,100 jobs, extending a decline that started in February.
Government employment jumped by 34,000 jobs, boosted by temporary hiring for the 2020 decennial census. (Reporting by Lucia Mutikani, Editing by Andrea Ricci)