Posted by Paladin on September 05, 2017
156,000 jobs added in August
The Latest From the BLS Employment Report:
The Labor Department released its August jobs report on Friday morning, providing the most recent snapshot of the American economy.
The August jobs report showed an increase in total nonfarm employment by 156,000 jobs, while the unemployment rate ticked up slightly to 4.4 percent from 4.3 percent, and is expected to drop further in the coming months. The largest employment increases in August occurred in manufacturing, construction, professional and technical services, health care and mining.
The number of open positions is at an all-time high, but businesses are struggling to hire qualified workers. The last time that the labor market was this tight was around the year 2000 during the technology boom.
Economists’ predictions
Economists had expected employment gains of 180,000. Actual gains of 156,000 did not meet those expectations. The June report was revised down from 231,000 to 210,000 jobs, and July’s report was revised down from 209,000 to 189,000. These revisions put employment gains in June and July at 41,000 less than previously reported. However, this is not cause for alarm given the tight labor market.
This Month’s Jobs Report
Let’s break down the numbers from this month’s jobs report
In August, hourly wages increased by $0.03 to $26.39 per hour, following a 9 cent increase in July. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight uptick to 4.4 percent.
Wages
- $26.39 August
- 0.03 month-over-month
- 2.5% year-over-year
- $26.36 July
Unemployment
- 4.4% August
- 0.1% month-over-month
- 4.3% July
National Unemployment Rate
August 2015-2017
In-Depth Look: Our Industries
Let’s take a look at how the Accounting and Finance industry is performing.
Manufacturing
- Month-over-month change: 36,000
- 138,000 jobs added year-over-year
Administrative and support services
- Month-over-month change: 15,800
- 291,300 jobs added year-over-year
Advertising and related services
- Month-over-month change: 800
- -1,100 jobs lost year-over-year
Professional and business services
- Month-over-month change: 40,000
- 602,000 jobs added year-over-year
Publishing industries, except Internet
- Month-over-month change: -1,400
- -14,000 jobs lost year-over-year
Hospitals
- Month-over-month change: 6,400
- 84,600 jobs added year-over-year
Data processing, hosting and related services
- Month-over-month change: -600
- 2,500 jobs added year-over-year
Construction
- Month-over-month change: 28,000
- 214,000 jobs added year-over-year
Specialized design services
- Month-over-month change: -2,900
- -3,600 jobs lost year-over-year
Transportation and warehousing
- Month-over-month change: 1,900
- 73,800 jobs added year-over-year
Office administrative services
- Month-over-month change: 1,300
- 27,900 jobs added year-over-year
Health care
- Month-over-month change: 20,200
- 328,400 jobs added year-over-year
Motion picture and sound recording industries
- Month-over-month change: -4,900
- -24,700 jobs lost year-over-year