Another piece of good news was released today as the private sector added 67,000 new jobs in August, according to the latest report from the U.S. Labor Department. This increase came on the heels of a revised July number of 107,000 new private sector jobs added and beat analyst expectations of a more modest increase of 40,000 for the month. Overall employment decreased 54,000 in August, led down by the release of 114,000 temporary U.S. Bureau of the Census workers whose roles were completed.
By drilling down into the data, it is worth noting:
- Construction increased by 19,000 jobs for the first gain in this sector in four months.
- Retail and Manufacturing experienced a drop in August.
- The unemployment rate increase slightly from 9.5% in July to 9.6% in August as more people looked for work.
- August’s gain was 7,000 more than the average August increase of the last 5 years.