On Friday, the Labor Department released its monthly jobs report, through which it was revealed that the American economy added 151,000 jobs for the month of August.
The report also showed that the nation’s unemployment rate remained at 4.9 percent. Both the month’s job growth and unemployment rates trailed analyst expectations, although experts were still adamant that the economy’s recovery had not been derailed.
A common estimate for the number of new jobs added in August was 180,000.
One prominent expert called August’s job growth “respectable though not spectacular.”
Notable industries that led to the uptick in hiring were the food service industry (adding 34,000 jobs), the financial services industry (adding 20,000 jobs), and the healthcare industry (adding 14,000 jobs).
Many believe that the lukewarm jobs report may delay the Federal Reserve’s thinking when it comes to raising interest rates. One reason they are believed to have been hesitant to raise rates is due to the political uncertainty with the coming November election.
Despite posting relatively modest gains, the growth in the American job market has been encouraging in comparison to the overall American economy. As of late, the annualized growth rate of the American economy has been less than one percent.
As for industries that have seen drops in employment, look no further than manufacturing. In July alone, manufacturing lost 4,000 jobs. Since 2014, the industry has shed 223,000 positions.
