Job Growth Slows in August

us-bureau-of-labor-statistics1The Economic Situation report released by the Bureau of Labor Statistics earlier this month revealed a net growth of 142,000 jobs for the month of August, coming in 70,000 jobs short of July’s job numbers.

August’s job growth is 33% lower than July’s revised job number of +212,000 jobs, and 46.8% lower than June’s revised number (+267,000). Both the unemployment rate and the number of unemployed persons changed slightly. Unemployment for the month of August decreased by 1.1 percentage points to 6.1 percent, while the number of unemployed persons decreased by 1.7 million to 9.6 million.

Last month, the majority of job gains occurred in the professional and business services industry, which added 47,000 jobs in August and 639,000 jobs over the past year. The administrative and support services sub-sector gained 23,000 jobs; management of companies and enterprises gained 8,000 jobs; and the architectural and engineering services, and management and technical consulting services sub-sectors both gained 3,000 jobs.  

Second in growth, the health care industry increased by 34,000 jobs in August, with social assistance employment continuing to trend upwards (+9,000). Other top-growing industries include leisure and hospitality, specifically employment in food services and drinking places (+22,000); and the construction industry, which continued to trend upwards at 20,000 jobs – inline with its average monthly job gain of 18,000 over the prior 12 months. Within the construction industry, specialty trade contractors (+12,000) and construction of buildings (+7,000) increased the most.

Manufacturing employment and retail trade employment saw little change in August, while Food and beverage stores lost 17,000 jobs due to employment disruptions at a grocery store chain in New England.

Category: Employment News

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