U.S. Jobless Rate Down; Hiring Remains Slow
The nation’s unemployment rate fell slightly in August to 7.3 percent while employers added 169,000 jobs, the government reported today.
While the drop in the unemployment rate reported by the U.S. Labor Department was better than analysts anticipated, the gain in new jobs was not. Market experts and analysts polled by Yahoo Finance has expected job gains to number between 177,000 and 210,000 for last month. Still, the August gain was much better than the gain of 104,000 for July, which was revised downward from 162,000. The agency also adjusted the June number downward, from a gain of 188,000 to 172,000.
Analysts consider a strong monthly gain as being above 200,000 new jobs. That has occurred in only three of the last 12 months, the last time in February, when the nation picked up 332,000.
Among industries showing notable gains:
- Retail trade added 44,000 jobs in August and has added 393,000 jobs over the past 12 months. In August, job growth occurred in clothing stores (14,000), food and beverage stores (12,000), general merchandise stores (9,000), and electronics and appliance stores (4,000).
- Health care employment increased 33,000 in August, with most of the job growth in ambulatory care services (27,000).
- Professional and business services continued to trend upward, with a gain of 23,000 jobs. Over the past 12 months, the industry has added 614,000 jobs. Employment in temporary help services changed little in August.
- Within leisure and hospitality, employment in food services and drinking places continued to trend upward with a gain of 21,000 jobs. Over the year, food services and drinking places have added 354,000 jobs.
- Wholesale trade employment added 8,000 jobs, bringing its total gain to 83,000 over the past 12 months.
- Within manufacturing, employment in motor vehicles and parts rose 19,000 in August, after declining by 10,000 in July. Auto manufacturers laid off more workers for model changeover in July than in recent years. The return of laid-off workers contributed to the increase in August. The industry’s 12-month gain was 34,000 jobs.
- Within information, the motion picture and sound recording industry lost 22,000 jobs in August, following a gain of 8,000 in July.
Employment in other major industries, including, construction, transportation and warehousing, financial activities, and government, showed little or no change in August.
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