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The August jobs report has revealed a mixed bag for the U.S. economy, with employment growth across various sectors presenting a varied picture. Leading the way were the leisure and hospitality sectors, as well as health care and social assistance, each contributing over 40,000 new positions, based on figures from the Bureau of Labor Statistics. If one includes private education in the health care category, as some analysts do, that sector would have seen an increase of 47,000 positions.
However, the report also indicated some discrepancies in related job categories. Construction emerged as a positive aspect, with an increase of 34,000 jobs, while manufacturing experienced a decline, losing 24,000 jobs. The business sector saw a slight rise of 8,000 jobs, yet the information sector faced a reduction of 7,000 positions.
"The job creation is primarily concentrated in just three areas now: leisure and hospitality, health and services, and government. We’re not witnessing significant growth in business and professional services, which suggests an economy that is beginning to decelerate," stated Betsey Stevenson, a former chief economist at the Department of Labor, during her appearance on 'Squawk Box.'
Even within the stronger sectors, a temporary slowdown was evident. The health care sector added 31,000 jobs, which is roughly half of its average growth over the previous year, according to the bureau’s data.
Original Article: https://www.cnbc.com/2024/09/06/heres-where-the-jobs-are-for-august-2024-in-one-chart.html
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