The latest numbers from the BLS Employment Situation Report
A slowing down from the gains of the last couple of months was expected ahead of this month's jobs report, but a promising 151,000 were added in August nonetheless.
Job creation has been volatile in recent months, with 275,000 jobs added in July (revised up from 255,000) and 271,000 positions created in June (revised from 292,000), and only 24,000 were added in May. But, this month's report shows promising growth that helps reinforce the upward trend of the last few years.
Today's employment report will be pivotal because it is among the most significant economic data the Federal Reserve reviews before deciding whether to raise interest rates. While the Fed is looking at a variety of indicators to guide their decision on whether or not to raise the interest rate, this jobs report will have one of the heaviest influences. It seems that traders assign a 55.4% chance of a lift in the rate at the Federal Open Market Committee meeting Sept. 20-21.
Economists predicted 175,000 additions ahead of this morning's jobs report and the report did not quite meet expectations. 151,000 jobs were added this month which is nearly in line with the six months growth pattern.
This month's report:
Let's break down the numbers from this month's report:
In August, hourly wages rose $0.3 to $25.73 per hour, bringing the year-over-year wage percentage increase to 2.4%. The unemployment rate remained unchanged month-over-month and still sits at 4.9%.
- $25.73 August
- $25.69 July
- + 3 cents month-over-month
- +2.4% year-over-year
- 4.9% August
- 4.9% July
- +0% month-over-month
- -0.2% year-over-year
In-Depth Look: Our Industries
Let's dive right into a look at how our industries compare to the national numbers:
- Professional and business services
- Month-over-month change: +20,100
- +542,000 jobs added since August of last year
- Month-over-month change: -6,000
- +200,000 jobs added year-over-year
- Month-over-month change: -14,000
- -37,000 jobs lost year-over-year
- Transportation and warehousing
- Month-over-month change: +14,900
- +50,300 year-over-year job gains
- Health care
- Month-over-month change: +14,400
- +442,900 jobs added since August of last year
- Month-over-month change: +10,700
- +166,800 jobs added in the last year
- Administrative and support services
- Month-over-month change: -2,500
- +191,800 jobs added year-over-year
- Office Administrative Services
- Month-over-month change: +2,700
- +25,700 jobs added year-over-year
The market remains hot for job seekers looking for top HR, non-clinical healthcare and supply chain and logistics positions and employers will need to stay competitive. Make sure you're paying your people the right salary and doing everything you can to recruit and retain the best talent – check out our resource center at ajilon.com to find out how.