The U.S. Bureau of Labor Statistics (BLS) released their jobs report this morning for the month of August 2013, which showed that 169,000 new private sector jobs were created last month and the unemployment rate fell to 7.3 percent. The unemployment rate of 7.3 percent is the lowest since December 2008.
“Nonfarm payroll employment increased by 169,000 in August, and the unemployment rate was little changed at 7.3 percent. Over the prior 12 months, job gains averaged 184,000 per month. In August, employment rose in retail trade and health care, while information lost jobs”. Erica L. Groshen BLS Commissioner
Major industries that saw the biggest increase in jobs:
- Retail added 44.000 jobs
- Health care added 33,000
- Professional and Business added 23,000
- Leisure and Hospitality 21,000
- Wholesale Trade 8,000
- Manufacturing 19,000
In August, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.3 million. These individuals accounted for 37.9 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 733,000.
Average hourly earnings of all employees on private nonfarm payrolls rose by 5 cents in August. Over the past 12 months, average hourly earnings have risen by 52 cents, or 2.2 percent. From July 2012 to July 2013, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 2.0 percent.
The ADP report is only slightly better than the BLS showing 176,000 jobs created in August 2013.
- Small businesses (1-49 employees) +71,000
- Medium businesses (50-499 employees) +74,000
- Large businesses (500 or more employees) +32,000
“The U.S. private sector added 176,000 jobs in August, as companies of all sizes expanded their payrolls over the previous month. The August job gains are in line with the monthly average over the last 12 months.” Carlos A. Rodriguez, President and CEO
Wall Street economists said today that the August 2013 jobs report is lower than expected and the employment numbers continue to remain flat.
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