Following two months of better-than-expected job growth, hiring in the U.S. slowed down a bit in August, while the unemployment held steady.
According to the latest BLS employment situation report, released today, private sector employers added 151,000 and the unemployment rate remain unchanged at 4.9 percent. Average hourly earnings increased by 3 cents in August, going to $25.73 – a 2.4 percent increase from a year ago.
The industries that saw the biggest gains were food services, social assistance, professional and technical services, and financial activities. Health care also saw modest gains while mining once again declined.
While August’s job growth number didn’t come anywhere near the number of jobs added in both June (271,000) and July (275,000) and fell short of expectations (economists predicted 180,00 jobs added), it’s worth pointing out that August has long been one of the weakest months for job creation, according to Ryan Detrick of LPL Financial (via the WSJ). Another thing to keep in mind: August marks 78 straight months of job growth, according to NPR.
Whatever industry you are in, it is always important to keep in mind that people are an organization’s greatest asset. So even if you aren’t in a position to hire right now, continue setting your employees up for success and building your talent pipeline for the future.