Trumponomics: Job Growth Surpasses Expectations In August
President Trump promised Americans a booming economy during his successful 2024 campaign, and by any measure, he’s delivering on his promise.
Government employment rose by 35,000 jobs in August after shedding…
The U. S. economy bounced back in August, with employers adding jobs at a stronger-than-expected pace following a surprising decline in July and continued uncertainty over the broader economic outlook. The Bureau of Labor Statistics reported Friday that the economy added 162,000 jobs in August, easily topping the 56,000 jobs economists surveyed by LSEG had predicted.
The unemployment rate, meanwhile, remained unchanged at 4.1% in August, matching economists’ expectations
Revisions to the previous two months showed the labor market was stronger than initially reported. June’s job gain was revised up by 11,000, from 20,000 to 31,000, while July was revised sharply higher from a loss of 23,000 jobs to a gain of 21,000. Combined, payroll growth in June and July was 55,000 jobs higher than previously estimated.
Private-sector employers added 127,000 jobs in August, far exceeding the 45,000 gain forecast by LSEG economists
July’s private payroll increase was also revised higher, from 30,000 to 71,000 jobs. At the same time, the number of Americans working part-time… Government employment rose by 35,000 jobs in August after shedding a revised 50,000 positions in July. Local governments accounted for much of the increase, adding 50,000 jobs, including 42,000 in education. Those gains more than offset declines of 5,000 federal jobs and 10,000 positions at the state level.
Here’s the rewrite in the same straight-news style
Manufacturing employment posted a stronger-than-expected increase in August, with the sector adding 16,000 jobs compared with the 5,000 gain forecast by economists surveyed by LSEG. July’s manufacturing increase was also revised higher, from 5,000 to 14,000 jobs.
Food services and drinking establishments added 59,000 jobs during the month, significantly exceeding the sector’s average monthly increase of 12,000 over the past year
Healthcare employment increased by 13,000 jobs in August, although hiring slowed from the sector’s average monthly gain of 32,000 over the previous 12 months. Home healthcare services added 11,000 positions, while hospitals gained 8,000 jobs.
The information sector moved in the opposite direction, shedding 23,000…
The information sector moved in the opposite direction, shedding 23,000 jobs in August. That was substantially worse than its average monthly decline of 8,000 jobs over the past year. The largest losses came among computing infrastructure providers, data processing and web
hosting services, which shed 8,000 jobs
Publishing lost another 7,000 positions, while broadcasting and content providers declined by 5,000. Construction employment was relatively steady, adding 22,000 jobs in August. Nonresidential specialty trade contractors accounted for 8,000 of those positions, roughly in line with the industry’s average monthly gain of 6,000 over the previous year.
Here’s a clearer version that spells out the comparison to the stronger August payroll gain
Other measures in the August report painted a mixed picture beneath the stronger headline hiring numbers. The number of long-term unemployed Americans — those out of work for 27 weeks or longer — was little changed at 1. 9 million in August. They accounted for 27% of all unemployed workers, indicating that prolonged joblessness remained elevated even as employers added 162,000 jobs during the month.
At the same time, the number of Americans working part-time for economic reasons fell sharply by 414,000 to 4.4 million
Those workers wanted full-time positions but were working reduced hours because their employers had cut their schedules or because they were unable to find full-time work. The decline in involuntary part-time employment suggests some improvement in job quality
Labor force participation edged higher in August, while wage growth came in slightly stronger than economists expected
and hours worked, although the persistently high share of long-term unemployed workers shows that the benefits of stronger August hiring were not felt evenly across the labor market. The labor force participation rate rose to 61. 6% in August, although it remained 0. 5 percentage points below its January level. The employment-population ratio stood at 59. 1% and has changed little over the course of the year.
Average hourly earnings increased 3.1% from a year earlier in August, slightly exceeding the 3% annual gain economists surveyed by LSEG had forecast
This article may contain commentary which reflects the author’s opinion This article may contain commentary which reflects the author’s opinion.
