Summary
Job growth in the U.S. has slowed down significantly, with only 22,000 new jobs added in August. This marks the end of months of steady job increases, with losses particularly noticeable in the manufacturing sector and the federal workforce.
Key Facts
- The U.S. economy added 22,000 jobs in August, with health care being a key area of growth.
- Revisions revealed that job growth had ended in May, and the U.S. lost 13,000 jobs in June.
- The average monthly job gain dropped to 29,000 from the 111,000 average in March.
- The federal workforce decreased by 97,000 jobs since January.
- Manufacturing lost 12,000 jobs in August and 78,000 jobs compared to a year ago.
- The unemployment rate rose to 4.3%, the highest since 2021.
- 26% of the unemployed have been out of work for six months or more.
- Kevin Hassett suggested that issues with data collection at the Bureau of Labor Statistics might affect job numbers.
