MARY REICHARD, HOST: Today is Monday, September 10th. Thank you for turning to WORLD Radio to help start your day. Good morning. I’m Mary Reichard.
NICK EICHER, HOST: And I’m Nick Eicher. Coming next on The World and Everything in It, the Monday Moneybeat.
AUDIO: Jobs. Growth. Wages. … The economic boom continues. It’s the big story of 2018.
EICHER: Presidential economic adviser Larry Kudlow on CNBC. Kudlow’s touting another strong jobs report for August from the Labor Department.
Hiring picked up and beat economists’ expectations. Employers added 201,000 jobs and unemployment remained below 4 percent, at 3.9.
One nagging problem had been despite the easy availability of jobs, wages haven’t kept up.
But the August jobs report showed wages grew at their fastest rate in nine years. They’re up almost three percent year over year.
Gus Faucher, chief economist, PNC Financial Services Group.
AUDIO: This is good news for workers that businesses are being forced to raise pay because of the tight job market. And I would expect that we will see further solid gains in wages throughout 2018 into 2019.
REICHARD: The jobs report came in the same day the president threatened escalation on two fronts of the trade war.
President Trump said Friday he’s ready to tax an additional $267 billion worth of Chinese imports to the United States.
And, another week of trade negotiations between Canadian and U.S. officials went by with no visible progress. They’re talking about a new free-trade pact. During those talks, the president warned he’s prepared to levy what he called “devastating taxes” on cars manufactured in Canada.
EICHER: Storm clouds on trade sent stocks tumbling on Wall Street.
All the major indexes took losses on the week.
The NASDAQ fell 2.6 percent.
The Russell 2000 lost 1.6.
The Standard and Poor’s 500 index dropped a percentage point.
And the Dow Jones Industrial Average gave up two-tenths of a percent.
And that’s this week’s Monday Moneybeat.