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AUGUST JOBS REPORT: Up 235,000- Disappoints
AUGUST JOBS REPORT
The very anticipated jobs report for AUGUST 2021 has just been released. The Press Release Data is as follows:
In August 2021, the US economy added 235K jobs, the fewest in seven months and significantly less than forecasts of 750K.
Professional and business services, transportation and warehousing, private education, manufacturing, and other services all saw significant job growth.
Over the last month, employment in retail trade has decreased.
NON FARM PAYROLLS PRIVATE
Nonfarm Payrolls Private in the United States increased by 243 thousand in August of 2021
The US unemployment rate fell to 5.2 percent in August 2021, the lowest level since March 2020 and in line with market expectations, as the labor market continued its steady recovery in the aftermath of US business reopenings and despite reports of labor supply shortages and concerns about the lingering threat of COVID-19 resurgence.
While the rate remained significantly higher than the pre-crisis level of about 3.5 percent, it is expected to decline further in the coming months, aided by robust economic activity and labor demand.
United States Labor Force Participation Rate
In August 2021, the labor force participation rate remained unchanged at 61.7 percent, and has remained within a narrow range of 61.4 percent to 61.7 percent since June 2020.
Additionally, the activity rate was 1.6 percentage points lower in February 2020 compared to February 2019.
Look for our in depth Construction Economic report shortly.