US Job Growth Cools to Seven-Month Low of 235,000

Source: Bureau of Labor Statistics

US jobs climbed slower than expected in August, bringing growth to a seven-month low. 

• Nonfarm payrolls grew 235,000 in August. This is up from 1.05 million in July and 962,000 in June.
• The biggest gains were seen in professional and business services, transportation and warehousing, private education, manufacturing, and other services.
• The unemployment rate slipped 0.2 percentage points to 5.2% in August, equivalent to 8.4 million jobless persons. This is higher than 5.7 million pre-COVID-19.
• Permanent job losers stood at 2.5 million, while those on temporary layoff hit 1.3 million. 
• The labor force participation rate was unchanged over the month at 61.7%, with the employment-population ratio at 58.5%. 
• Average hourly earnings increased by 17 cents to $30.73, and an average workweek of 34.7 hours.