Economy Gains 130,000 Jobs in August; Unemployment Steady at 3.7%

Economy Gains 130,000 Jobs in August; Unemployment Steady at 3.7%

The U.S. economy gained 130,000 jobs in August, and the unemployment rate remained at 3.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics. 

In response to the August job numbers, AFL-CIO Chief Economist William Spriggs said: “The weak numbers show the Fed did the right thing to do a course correction and lower rates this summer. But they now need to consider more cuts to keep the slow down from escalating.” He also tweeted:

 

 

 

 

Last month’s biggest job gains were in federal government (28,000), health care (24,000), financial activities (15,000), professional and business services (37,000) and social assistance (13,000). Employment declined in mining (-6,000) and retail trade (-11,000). Employment in other major industries, including construction, manufacturing, transportation and warehousing, and leisure and hospitality, showed little change.

Among the major worker groups, the unemployment rates for teenagers (12.6%), blacks (5.5%), Hispanics (4.2%), adult men (3.4%), whites (3.4%), adult women (3.3%) and Asians (2.8%) showed little or no change in August.

The number of long-term unemployed (those jobless for 27 weeks or more) rose in August and accounted for 20.6% of the unemployed.

Kenneth Quinnell
Fri, 09/06/2019 – 11:31

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Updated: September 17, 2019 — 4:02 pm