The Bureau of Labor Statistics (BLS) reported that U.S. employers added 162,000 in August, higher than the average monthly gain of 31,000 over the prior 12 months. The unemployment rate remained unchanged from the previous month at 4.1%.
The labor force participation rate increased slightly to 61.6%, while the employment-population ratio changed little at 59.1% for August.
Employment in health care continued to trend up (+13,000) but at a slower pace than the average monthly gain over the prior 12 months (+32,000). Employment was also up in food services & drinking places (+59,000); local government education (+42,000); and manufacturing (+16,000).
Information employment declined by 23,000 in August, following losses that had averaged 8,000 per month over the prior 12 months. Meanwhile, the BLS reported employment changed little in financial activities, professional and business services, construction, and
other services.
Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $37.75. Over the year, average hourly earnings have increased by 3.1 percent.
In addition to August numbers, the BLS revised jobs data from the past two months to show employers added 31,000 and 21,000 jobs in June and July, respectively.
The August report surpassed economists’ expectations of a 53,000 job gain, according to CNBC. “Net, net, the labor market is alive and well and generating thousands of new jobs to help keep economic growth squarely in the plus column,” commented Chris Rupkey, chief economist at Fwdbonds (CNBC).
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