The August 2023 Jobs Report shows the unemployment rate rose to 3.8% in August from 3.5% the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 187,000 above the Dow Jones estimate of 170,000. The number of unemployed people is 6.4 million.
The unemployment rate for college-degreed professionals 25 years and older ticked up slightly to 2.2% from 2.0% the month prior. Job seekers with some college or an associate degree slightly edged down from 3.1% in July to 3.0% in August.
The labor force participation rate rose slightly to 62.8% after being flat since March. In August, health care led the job gains. Employment trended up in health care, leisure and hospitality, social assistance, and construction.
Jobs added by industry:
- Health Care: 71,000 jobs added
- Leisure and Hospitality: 40,000 jobs added
- Social Assistance: 26,000 jobs added
- Construction: 22,000 jobs added
- Professional and Business Services: 19,000 jobs added
Wage growth rose by 8 cents in August 2023.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents or 0.2% to $33.82. Over the past 12 months, average hourly earnings have increased by 4.3%.
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Sources: BLS
