The U.S. economy added 235,000 jobs in August, according to the latest report by the Bureau of Labor Statistics (BLS). The unemployment rate dropped 0.2%, going from 5.4% to 5.2%, despite slower job growth than previous months. August 2021 saw notable job gains in professional and business services, transportation and warehousing, private education, manufacturing, and other services overtaking the consistent reign of the leisure and hospitality industry.
Labor force participation remains unchanged from July, staying at 61.7%. This number is still below February 2020 levels. Uncertainty with the coronavirus Delta variant surge could be stopping workers from going back to work. Employment in retail trade declined over the month.
Key highlights from the latest BLS report:
- With 8.4 million currently unemployed, the unemployment rate is now at 5.2%, 0.2% lower than the month prior.
- For college-degreed workers aged 25 and over, the unemployment rate slid down from 3.1% to 2.8%. For those with some college or an associate’s degree, the rate is 5.1%.
- Wages see a 4.3% year over year increase
- Notable job gains occurred in professional and business services, transportation and warehousing, private education, manufacturing, and other services.
Jobs Added by Industry:
- Professional and Business Services added 74,000 jobs
- Transportation and Warehousing added 53,000 jobs
- Private Education added 40,000 jobs
- Manufacturing added 37,000 jobs
- Other services industry added 37,000 jobs
- Financial Activities added 16,000 jobs
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