Economy Added 173,000 Jobs in August 2015
Posted on September 4, 2015
There was not much job creation happening in August. The economy added 173,000 jobs in August 2015. This was a decrease from July when 245,000 jobs were added after being revised upward from 215,000.Health care added the most jobs during August with 41,000 new jobs. Jobs in the social assistance industry added 16,000 jobs. Healthcare has been very strong all year long with a total of 457,000 new jobs created so far this year.
There 19,000 new jobs in financial activities, including 8,000 in real estate. Professional and business services added 33,000 jobs and food services added 26,000 new positions.
The biggest problem was in manufacturing, which lost 17,000 jobs in August. You aren't going to get big positive numbers with a negative figure for manufacturing. Employment in mining also fell by 9,000 jobs.
The unemployment rate edged down to 5.1% in August. The number of people employed part time due to economic reasons remained about the same at 6.5 million people. The BLS says these people are also known as involuntary part-time workers.
A Reuters story says the weak jobs report may still be good enough to trigger a Fed interest rate hike later this month.