U.S. economic growth was positive another 315,000 payrolls in AugustThis is despite the fact that overall employment growth has slowed but remains high throughout the economy.
Aug. saw economic growth across all major sectors and subsectors, with 68,000 additional jobs in professional and commercial services.
Jeffrey Roach of LPL Financial, chief economist said that “the market will love the broad-based gains jobs as both goods producing and services jobs rose August”
Computer systems design, technical consulting and management are the most important areas of professional and business services. The U.S. Bureau of Labor Statistics reports that the sector has added 1.1 million new jobs within the last twelve months.
The second most popular sector in the month was health care, adding 48,200 jobs. The 68,000 increase in business and professional services would be matched if the health-care sector was added to education and social service, according to economists.
The retail sector was also a bright spot with 44,000 new jobs. This was an increase from the 29,100 new jobs in July.
Although overall job growth was good, some regions saw slower gains. After growing by 95,000 jobs in July, the sector of leisure and hospitality added 31,000 new jobs in August. This sector remains at 1.2million below its pre-pandemic peak.
After a July increase of more than 24,000, transportation and warehousing only added 4,800 new jobs.
Roach pointed out that there has been a 225,000 increase in part-time employees, and 69,000 people saying they cannot find full-time work. This could be a concern.