September 2019

August Jobs Report Falls Below Expectations

According to the U.S. Labor Department, 130,000 positions were added last month. A large portion of those positions was the hiring of census workers, which is considered a temporary role. These numbers fall short of the 150,000 jobs that had been predicted by Wall Street. More than 27,000 jobs were lost in sectors such as retail, mining, transportation and trade. This decline in added jobs is stoking the already present fear that the U.S. may be headed for a recession. Besides the trade war with China, areas like agriculture and manufacturing are struggling. Compared to last year, monthly job growth in America has also slowed. Following revisions, the U.S. is now averaging 158,000 added roles a month. In 2018, it was around 223,000 per month. The U.S. unemployment rate is still 3.7 percent, with average hourly earnings experiencing a jump of 0.4 percent.