August Jobs’ Report: Lower than expected

  • Post author:
  • Reading time:1 mins read

The US added fewer jobs than expected during the month of August. Originally anticipated to total 160,000, 130,000 non-farm jobs were added.

July’s numbers were also revised from to 159,000, down from the 164,000. The unemployment rate remains at 3.7 percent.

In a nutshell:

  • The retail sector continues to shed jobs. August saw a loss of 11,000. This is the seventh consecutive month, the longest losing streak since 2009.
  • The manufacturing sector added 3,000 positions in August.

Source:

“The general message from the labor market is that businesses are cutting back on hiring, but they are not laying off workers and that is important,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pennsylvania. “Consumers are what’s keeping the economy moving at this point.”

CNBC:

Ms. G

Welcome back, America!