Job gains were primarily concentrated in construction and health care sectors. Construction employment rose by 34,000, surpassing its average monthly gain of 19,000 over the past year. The health care sector added 31,000 jobs, though this was only about half of its recent average monthly increase.
Wage Growth and Labor Force Participation
Average hourly earnings for all employees on private nonfarm payrolls increased by 0.4% to $35.21, representing a 3.8% rise over the past 12 months. This wage growth could have implications for inflation and monetary policy decisions.
The labor force participation rate held steady at 62.7%, showing little change over the year. This stability suggests that the pool of available workers remains consistent, which could influence future hiring trends.
Sector-Specific Trends
Manufacturing employment edged down by 24,000 in August, primarily…
Read More
