Friday, September 4, 2015

U.S. Payrolls Add 173,000 Jobs in August

This morning the Bureau of Labor Statistics (BLS) reported that total nonfarm payroll employment increased by 173,000 in August, and the unemployment rate edged down to 5.1 percent.

According to the BLS, employment growth had averaged 247,000 per month over the prior 12 months. In August, job gains occurred in health care and social assistance and in financial activities. Employment in manufacturing and mining declined. 
The BLS reported health care and social assistance added 56,000 jobs in August. Health care employment increased by 41,000 over the month, with job growth occurring in ambulatory health care services (+21,000) and hospitals (+16,000). Employment rose by 16,000 in social assistance, which includes child day care services and services for the elderly and disabled. Over the year, employment has risen by 457,000 in health care and by 107,000 in social assistance.

Financial activities -- an industry that long lagged in employment gains -- added 19,000 jobs in August. Gains totaled 8,000 in real estate, while securities, commodity contracts, and investments added 5,000. Over the year, employment in financial activities has grown by 170,000.

Manufacturing employment decreased by 17,000 in August, after changing little in July (+12,000). Job losses occurred in a number of component industries, including fabricated metal products and food manufacturing (-7,000 each). Thus far in 2015, overall employment in manufacturing has shown little net change.

Employment in mining fell in August (-9,000), with losses concentrated in support activities for mining (-7,000). Since reaching a peak in December 2014, mining employment has declined by 90,000.

You can find more information and details about the unemployment rate in the full Employment Situation news release.

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