Unemployment rate numbers are in
According to the U.S. Bureau of Labor Statistics, 142,000 jobs were added in the month of August, far less than the 225,000 that had been expected. Job growth has averaged 212,000 new jobs for the past year.
The unemployment rate decreased to 6.1 percent, the lowest gain seen in eight months.
The BLS also revealed that the real unemployment rate, which includes those who have simply stopped searching and remain unemployed, is at 12 percent.
Manufacturing is doing well, and housing is improving, but employment continues to be a store spot in the economy.
Although real unemployment remains high, employment is now 753,000 above the pre-recession peak, and analysts blame demographics for the decline in the participation rate which has moved sideways all year.
While 8,000 retail jobs were lost, 47,000 business service jobs were added as healthcare added 34,000 jobs, hospitality contributed 22,000, and construction added 20,000. Employment numbers did not change for government jobs, manufacturing, information, or finance.
“The number was a surprise and a disappointment but we do not believe that it indicates a slowdown in the US economy,” stated Joseph Lake, U.S. analyst for The Economist Intelligence Unit.
Lake noted that there is a “reasonable chance” that the number will be revised up as other economic data has show signs of strength. That said, the numbers for June and July were actually revised down in the BLS’s August report, so only time will tell.
While the economy shows signs of improvement and decline, the average American is simply coming up for air for the first time in years. Is everything fixed and hunky dory? Not with one in ten adults sitting it out for the count, but some sectors are showing strong signs of improvement, and our nation is hopeful for tomorrow.