The US economy added Another £315,000 in Augustwith employment growth generally slowing but still prevalent throughout the economy.
The economy saw growth in all major sectors and sub-sectors in August, led by 68,000 jobs in professional and business services.
“The market will enjoy a broad-based job increase as manufacturing jobs and services both increase in August,” said Jeffrey Roach, chief economist at LPL Financial.
The strongest areas in professional and business services include computer systems design, engineering and management consulting, architecture and engineering. According to the US Bureau of Labor Statistics, the sector has now added 1.1 million jobs over the past 12 months.
Healthcare came in second for the month, with 48,200 jobs added. If health care jobs were added to education and social services, as some economists have done, that broad sector would equate to a 68,000 increase in professional and business services. business.
Retail trade was another bright spot, adding 44,000 jobs. That’s an acceleration from 29,100 jobs added in July.
While job growth was positive across the board, it was significantly slower in some areas. Leisure and hospitality, for example, added 31,000 jobs in August after growing 95,000 in July. The industry is still 1.2 million people short of pre-pandemic levels.
Transportation and warehousing added just 4,800 jobs after adding more than 24,000 in July.
Roach also pointed to an increase of 225,000 part-timers, with 69,000 saying they were unable to find full-time work, a potential area of concern going forward.
