The monthly jobs report released by the Bureau of Labor Statistics on Friday indicates that the U.S. labor market added 315,000 jobs in August, hitting a 20-month streak in strong job growth, despite high inflation. But the unemployment rate ticked up slightly to 3.7 percent, according to the BLS. About 344,000 more people were unemployed than in July; some of that uptick can be attributed to more workers rejoining the labor force and looking for work.
The August jobs gains were lower than the stellar July job growth, when half a million people found work. Still, the labor market remains an area of strength for the economy, especially as the Federal Reserve raises interest rates to rein in blistering inflation, which is weighing on the housing sector, reports Reuters. The jobs report combined with signs that inflation may have peaked could signal that the economy is on the road to stability. The economy has now more than recovered the 20 million jobs lost during the pandemic.
Reuters repots that the biggest gains were in professional and business services, which added 68,000 jobs last month, shooting past its pre-pandemic numbers. There was a big jobs boost in computer systems design, management and technical consulting, and architectural and engineering services, while legal services lost 9,000 positions.
Employment in health care rose by 48,000 jobs, with notable additions in doctors’ offices, hospitals, and nursing and residential-care facilities. Retail trade added 44,000 jobs, and manufacturing continued to trend up by 22,000 positions.
There was little change in leisure and hospitality after average monthly job gains of 90,000 in the first seven months of the year. The industry still remains below its pre-pandemic levels by 7 percent.
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