In August, the economy added 173,000 jobs, which was significantly lower than economists’ predictions of 271,000-225,000 jobs. However, while these job additions didn’t stack up against previous month’s numbers, the unemployment rate exceeded expectations — falling from 5.3% to 5.1%
According to the Bureau of Labor Statistics, employment growth in the U.S. has averaged 247,000 each month. Specifically in August, the health care, social assistance and financial sectors experienced the most significant job growth spurts. On the other hand, job opportunities declined in mining and manufacturing.
Industries that showed little employment growth included construction, transportation and warehousing, government, retail trade and wholesale trade.
Having risen by 8 cents in August, the average hourly earnings for all employees on private nonprofit payrolls jumped to $25.09 — surpassing July’s 6-cent gain. Throughout the last 12 months, hourly earnings have increased by a total of 2.2%.
With the ongoing gains in employment opportunities (regardless of the amount), along with the unemployment rate staying at a seven-year low, the U.S. continues to make strides toward economic recovery.