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.