August Brought Fewer New Jobs Than Expected, But Several Industries Saw Steady Growth

Job-Market-TodayThe United States generated 142,000 new jobs in August, breaking the six-month streak of +200,000 job gains. This number comes in well below what economists were expecting, however, August is historically a slower month for job growth. The unemployment rate dropped slightly from 6.2 percent to 6.1 percent.  During the past year, the unemployment rate and the number of unemployed persons have declined by 1.1 percentage points, and 1.7 million, respectively.

Revisions to prior months showed that both June and July had seen 28,000 fewer new jobs than was previously reported. The June payroll number was revised from +298,000 to +267,000 and the July numbers were revised from +209,000 to +212,000.

Looking deeper into the BLS “Employment Situation – August 2014” report, here are some figures on job creation in specific industries:
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July’s job creation less than expected, but still steady

Job-Market-TodayIn July, employment gains were widespread across sectors. The industries with the highest gains were professional and business services, manufacturing, retail trade and construction. Here are some key sector highlights from the BLS “The Employment Situation – July 2014” report:

Professional and Business Services

The industry that showed the highest job growth in July was professional and business services, adding 47,000 jobs to the economy, making the year-over-year total 648,000 jobs. Subsectors such as architectural and engineering services added 8,800 jobs (1.42 million total workforce), administrative and support services created 14,900 jobs (8.37 million total workforce) and temporary help services generated 8,500 jobs (2.88 million total workforce). In total, 19.23 million Americans were employed within this sector last month.
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June’s jobs report shows widespread growth across industries

201302-wpe-post-headerSource: BLS June jobs report

In June, the United States generated 288,000 new jobs, making it the fifth straight month in which we’ve seen job gains of 200,000+. The positive news continued as the unemployment rate declined by 0.2 percentage points — dropping from 6.3% to 6.1%, which is the lowest we’ve seen since September 2008. Over the past year, the unemployment rate has declined by 1.4 percentage points and the unemployed persons by 2.3 million.

In May, job growth had continued to over 200,000 new jobs, improving upon March and April’s success. Revised numbers were released in June, showing that both April and May had seen growth of 29,000 more than previously reported. The May payroll number was revised from +217,000 to +224,000 and the April numbers were revised from +282,000 to +304,000.

This month, employment gains were widespread across sectors, and the professional and business services saw the largest increase, with an addition of 67,000 jobs. Temporary help services also continued its upward trend, gaining an average of 2.16 million jobs over the last year.

Employment gains were widespread across sectors with the highest gains led by professional and business services, retail trade and food services and drinking places. Here are some key sector highlights from the BLS “The Employment Situation – June 2014” jobs report:
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May BLS jobs report: Industry breakdown

201302-wpe-post-headerSource: BLS jobs report

In May, the United States generated 217,000 new jobs, returning our employment rate back to pre-recession conditions. With this growth, the US has more jobs than it has seen in over four years – claiming 8.8 million new jobs since January 2008. The unemployment rate remained the same at 6.3 percent — this, following a 0.4 percentage decline in April. Over the year, the unemployment rate has dropped 1.2 percentage points, or 1.9 million people respectively.

In April, job growth continued to surpass 200,000 new jobs, improving upon March’s milestone of 175,000. Employment gains were widespread across sectors, and the professional and business services saw the largest increase, with an addition of 75,000 jobs. Temporary help continued its upward trend, gaining an average of 2.85 million jobs over the last year. Revised numbers were released in May, showing that we had gains of 282,000 jobs in April, not 288,000.

Employment gains were widespread across sectors with the highest gains led by professional and business services, healthcare and leisure and hospitality.Here are some key sector highlights from the BLS “The Employment Situation – May 2014” report:

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April’s job creation widespread across industries

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Source: BLS jobs report

The United States generated 288,000 jobs in April, making it the 50th straight month of positive job creation. These figures surpassed many of the expert predictions, as most anticipated 190,000 to 210,000 would be added. The unemployment rate fell 0.4 percent to 6.3 percent — the lowest it has been since 2008 — but was offset by a significant drop in the labor participation rate.

In March, job growth had revealed a milestone in the U.S. economy. Private sector jobs had recouped 8.9 million jobs since February 2010. This exceeded the employment figures of December 2007, which were the pre-recession peak levels. In April, the private sector contributed 273,000 new jobs, while government employment rose by 15,000.

Employment gains were widespread across sectors and were led by professional and business services, retail, food services and construction. Here are some key sector highlights from the BLS “The Employment Situation – April 2014” report.
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March BLS jobs report: Industry review

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Source: March BLS jobs report

The United States’ private sector generated over 192,000 jobs in March. Although the sector’s total job creation was not nearly high enough to lower the national unemployment rate, a majority of economists were encouraged by the figures.

This growth revealed a milestone of job creation, as private sector jobs added in March exceeded the employment figures of December 2007, its pre-recession peak levels. This milestone can be considered meaningful, and a step in the right direction.

But while the private sector has recouped 8.9 million jobs since February 2010, U.S. government jobs have not recovered since the recession began. Unfortunately, this has stumped overall growth and has resulted in a total nonfarm employment figure of 422,000 jobs below its December 2007 pre-recession level.

Overall growth aside, here are some key sector highlights from the BLS “The Employment Situation – March 2014” report:
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