Weak job growth persisted in August and (as usual) the growth in previous months was revised even lower, the U.S. Bureau of Labor Statistics (BLS) reported Friday.
In August, the U.S. economy added a seasonally-adjusted 142,000 jobs, far fewer than the 200,000 level considered to be “normal” monthly growth. August’s increase was also less than the 210,000 jobs added in the same month a year earlier.
Meanwhile, the dismal job growth initially reported for July was revised even lower. By subtracting 25,000 jobs, BLS reduced July’s gain below the 100,000 mark, from 114,000 jobs added to a mere 89,000 increase.
June’s job growth suffered an even greater downward revision of 61,000 jobs as BLS lowered its total from 179,000 to 118,000. Thus, BLS now says that job growth for the two months combined is actually 86,000 lower than it previously reported.
“Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in August. These measures are higher than a year earlier, when the jobless rate was 3.8 percent, and the number of unemployed people was 6.3 million,” BLS reports. For July, BLS reports the unemployment rate was 4.3%
The unemployment rates for the major demographic groups all “showed little or no change in August,” according to the report.
The number of people employed part-time for economic reasons increased by more than a quarter million (+264,000), from in July to August, and by more than a half million (+687,000) from year-ago.
Construction lead all industry groups in job creation:
- Construction employment rose by 34,000 in August, nearly doubling the average monthly gain of 19,000 over the prior 12 months.
- Health care added 31,000 jobs in August, about half the average monthly gain of 60,000 over the prior 12 months.
- Employment in social assistance continued its upward trend (+13,000), but at a slower pace than the average monthly gain over the prior 12 months (+21,000).
- Manufacturing employment fell in August (-24,000), reflecting a decline of 25,000 in durable goods industries. Manufacturing employment has shown little net change over the year.
Retail trade lost 11,100 jobs, while wholesale trade added 4,900. Government added 24,000 jobs, up from July’s growth (+15,000), but far less than the 60,000 jobs added in the same month a year earlier.
This CNSNews report is funded with a grant by the Diana Davis Spencer Foundation.