Lower Unemployment Rate and Continued Job Growth in August
This morning’s Bureau of Labor Statistics (BLS) employment report for the month of August showed an addition of 169,000 jobs and a slightly lowered unemployment rate of 7.3%. Revisions for June and July combined show that gains for these months were 74,000 less than previously reported.
There were a number of sectors with gains including retail (+44,000), professional and business services (+23,000), healthcare (+33,000) and leisure and hospitality (+27,000). Temporary help services also saw an increase (+13,100) again this month, continuing to demonstrate growth in this sector. The number of persons employed part time for economic reasons (involuntary part-time workers) declined by 334,000 to 7.9 million in August.
While the report showed job growth that was slightly shy of what economists predicted, the private sector continued to show steady gains of 152,000 jobs last month, including manufacturing, which added 14,000 jobs after a few consecutive months of losses. Employers have added an average of 148,000 jobs in the past three months and the unemployment rate is at a four and a half year low.
At Adecco, we are continuing to see ongoing demand for temporary help in manufacturing and leisure and hospitality, as well as for full time positions in professional and administrative services.