While you have the day off, getting more people back to work is especially important this Labor Day.
Modest Gains in Jobs
The monthly job report takes on added significance in the next two months as we head into the presidential election. While there was an increase in hiring in July, economists are predicting a modest gain of 120,000 jobs in August. The U.S. would need to add 250,000 jobs a month over the next few years to slash the high national unemployment rate of 8.3 percent to pre-recession levels.
College Grads Can't Find High Paying Jobs
College grads didn't have the best luck finding the jobs they wanted over the summer. 63 percent of "Generation Y" workers - those age 18 to 29 - have a bachelor's degree. But the majority of the jobs taken by graduates don't require one, according to an online survey of 500,000 young workers by the website PayScale.com. The starting salary for a graduate is $27,000, 10 percent less than five years ago.
Vehicle Sales Soar
But in a sign that people are feeling more secure in the jobs they have is consumer spending on big-ticket items such as vehicles is on the rise. Auto sales are projected to get up to an annual rate of 14.3 million in August from 14.1 million in the prior month.