The August jobs report revealed weaker-than-expected results, indicating a mixed bag of employment growth across various industries in the U.S. economy. Leading the growth were leisure and hospitality, as well as health care and social assistance, each contributing over 40,000 jobs, as reported by the Bureau of Labor Statistics.
When private education is combined with the health-care sector, a total of 47,000 jobs were added, according to some economists. However, other job categories in the report presented conflicting data. Construction experienced growth with 34,000 new jobs, while manufacturing saw a decline of 24,000 jobs. Professional and business services increased by 8,000 jobs, but the information sector lost 7,000 jobs.
Former Department of Labor chief economist Betsey Stevenson noted that job growth is primarily concentrated in leisure and hospitality, health and education services, and government sectors. She expressed concerns about the lack of growth in business and professional services, suggesting a slowdown in the economy during an interview on CNBC’s “Squawk Box.”
Even within the stronger categories, there were signs of a temporary slowdown. The health-care subsector, for instance, added 31,000 jobs, which is approximately half of its average growth over the previous 12 months, according to the Bureau of Labor Statistics.
