Economy adds 201,000 jobs
The U.S. economy added 201,000 in August, and the unemployment rate was unchanged at 3.9%, the Department of Labor reported this morning.
Analysts had expected the economy to add about 190,000 jobs with unemployment projected to drop to 3.8%. About 6.2 million people remain unemployed.
Construction employment grew by 23,000 last month and is up 297,000 jobs over the year. Manufacturing employment decreased by 3,000 in August but is up 254,000 for the year.
According to monthly employment data released by the BLS Establishment Survey, the number of residential construction jobs rose by 12,900 in August, after an increase of 6,800 in July.
Residential construction employment stood at 2.83 million in August, broken down as 802,000 builders and 2 million residential specialty trade contractors, according to the National Association of Home Builders (NAHB).
The 6-month moving average of job gains for residential construction is 5,383 per month. Over the last 12 months, home builders and remodelers have added 136,600 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 851,700 positions.
Overall average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $27.16 in August. Over the year, average hourly earnings have increased by 77 cents, or 2.9%, according to the Bureau of Labor Statistics.
The average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.73 in August.
The Department of Labor also revised its June report, dropping new jobs from 248,000 to 208,000 while revising the July report from 157,000 to 147,000 positions added. The revisions mean employment gains in June and July were a combined 50,000 less than previously reported.
After revisions, job gains have averaged 185,000 per month over the last 3 months.
Analysts had expected the economy to add about 190,000 jobs with unemployment projected to drop to 3.8%. About 6.2 million people remain unemployed.
Construction employment grew by 23,000 last month and is up 297,000 jobs over the year. Manufacturing employment decreased by 3,000 in August but is up 254,000 for the year.
According to monthly employment data released by the BLS Establishment Survey, the number of residential construction jobs rose by 12,900 in August, after an increase of 6,800 in July.
Residential construction employment stood at 2.83 million in August, broken down as 802,000 builders and 2 million residential specialty trade contractors, according to the National Association of Home Builders (NAHB).
The 6-month moving average of job gains for residential construction is 5,383 per month. Over the last 12 months, home builders and remodelers have added 136,600 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 851,700 positions.
Overall average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $27.16 in August. Over the year, average hourly earnings have increased by 77 cents, or 2.9%, according to the Bureau of Labor Statistics.
The average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $22.73 in August.
The Department of Labor also revised its June report, dropping new jobs from 248,000 to 208,000 while revising the July report from 157,000 to 147,000 positions added. The revisions mean employment gains in June and July were a combined 50,000 less than previously reported.
After revisions, job gains have averaged 185,000 per month over the last 3 months.