The BLS presented the country with a lackluster Labor Day gift with their employment situation announcemnt that total nonfarm payroll employment increased by only 142,000 workers in August. This was the first time since January that the month-over-the-prior-month change was below 200,000.
The sectors adding the greatest number of jobs were:
- Professional and business services.
- Health care.
- Leisure and Hospitality (tourism).
Through eight months, average monthly job growth is 215,400 workers. If this trend continues, the economy is on tap to add more than 2.5 million jobs in 2014.
The August unemployment rate fell to 6.1%, down from 7.2% a year ago. Sadly, the number of unemployed has only declined to about 9.6 million.
Most economists believe the economy remains solid and that there will be positive job growth for the remainder of the year.