What does the August jobs report tell us?

The August jobs report from the US Bureau of Labor Statistics showed less growth than expected. The unemployment rate has edged up, and June and July hiring numbers were sharply revised downward.?

Job Growth and Unemployment Rates

In August, total nonfarm payroll employment increased by 142,000. Job gains were concentrated in construction and health care.

Number of Jobs (in Thousands)

The unemployment rate edged down slightly to 4.2 percent, marking a 0.1 percentage point decrease from the previous month. The unemployment rate has stayed above 4 percent for 4 consecutive months.?

The unemployment rates for adult men (4.0? percent), adult women (3.7%)? and teenagers (14.1 percent) remained relatively stable or saw minimal change.

Unemployment Rate

Long-term unemployment was relatively stable, with 1.5 million individuals now jobless for 27 weeks or more.?

The labor force participation rate and employment-population ratio, both changed little in August, suggesting stability rather than expansion in the workforce.

Industry-Specific Insights

Several key sectors experienced job gains in august with healthcare and construction accounting for a major chunk of the employment gains.?

• Healthcare: The healthcare sector added 31,000 jobs in August, below the average monthly gain of 60,000 over the past year. Job growth was particularly strong in ambulatory healthcare services and? hospitals. Healthcare has continued to lead in job creation for the past year, demonstrating resilience and sustained demand for healthcare services.
• Construction: Employment in Construction? increased by 34,000 jobs in August, above the average monthly gain of 19,000 over the past year.
• Social Assistance: The social assistance sector added 13,000 jobs in August, below the monthly average of 21,000 over the past year.
• There was minimal to no change in employment over the month in several major industries, mining, quarrying, and oil and gas extraction, wholesale trade, retail trade, transportation and warehousing, information, financial activities, professional and business services, leisure and hospitality, other services, and government.?

Wage Growth and Working Hours

Average hourly earnings for all employees increased by 0.4 percent to $35.21, with a 3.8 percent increase over the past 12 months. The average workweek for all employees edged up to 34.3 hours in August.

It is estimated that by 2050, 50% of the US workforce will be freelancers or contingent workers. In December 2023 alone, 22 million Americans were part-time workers. For full time roles, Companies will prioritize candidates with diverse skill sets and the flexibility to adapt to changing job roles and responsibilities. Upskilling existing employees would also be a priority to meet evolving demands.

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