The August Jobs Report Falls Below Predicted Expectations

The US economy gained only 130,000 jobs in August, according to the Bureau of Labor Statistics. However, this figure falls below the expectation of 150,000 jobs predicted by Wall Street.

A large portion of those jobs created is only temporary as there was a hiring of 25,000 temporary census workers for the 2020 population count.

The U.S. unemployment rate remains at a 50 year low at 3.7%, with average hourly earnings experiencing a jump of 0.4%.

However, not all of the statistics released are positive.

There were more than 27,000 jobs lost in sectors such as retail, mining, transportation, and trade. As the U.S. engages in a tariff battle with China, the manufacturing and agriculture sector’s jobs have also declined.

Compared to last year, the monthly job growth has also slowed. The country is averaging 158,000 new roles a month, compared to last year’s average of 223,000 per month.

This decline comes during concerns that the country’s economy is slowing and could even be heading towards a recession.