August Employment Drops by 29.4 Percent Over July

Leading Employment and Career Site Shares Employment Trends

Leading Employment and Career Site Shares Employment TrendsThe Economic Situation report released by the Bureau of Labor Statistics on Friday, September 4, revealed a growth of 173,000 jobs for the month of August, a decrease of 72,000 jobs over July’s monthly employment growth.

August’s job growth marks a 29.4 percent decrease over July’s revised employment number of 245,000 jobs, and a 18.7 percent decrease from last August’s growth of 213,000 jobs. Last month, the unemployment rate edged down to 5.1 percent, while the number of unemployed persons edged down to 8.0 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.0 percentage point and 1.5 million, respectively.

For the month of August, job gains primarily occurred in health care and social assistance, and in financial activities. Manufacturing and mining lost jobs.

Employment in the health care and social assistance sector added 56,000 jobs in August, with 41,000 jobs occurring in health care specifically. Employment increased by 16,000 within the social assistance subsector, which includes child day care services and services for the elderly and disabled. Over the last 12 months, employment has increased by 457,000 in health care and by 107,000 in social assistance.

The financial activities supersector added 19,000 jobs last month, with gains in real estate (8,000 jobs), and securities, commodity contracts, and investments (5,000 jobs). Over the last 12 months, the supersector has grown by 170,000 jobs.

Employment in other major industries, including construction, wholesale trade, retail trade, transportation and warehousing, and government, showed little change over the month.

After revisions, total nonfarm payroll employment for the month of June and July were revised from 231,000 to 245,000 jobs and 215,000 to 245,000 jobs, respectively. With these revisions, employment gains in June and July combined were 44,000 higher than previously reported. Over the past 3 months, job gains have averaged 221,000 per month.

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Category: Employment News

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