09/06/2019

Not All Jobs Are Created Equal

The unemployment rate remained at the historically low 3.7 percent in August, according to the jobs report released today by the BLS.  

Unemp0819

This good news is somewhat dampened by the apparent slowing of private sector hiring.  While 130,000 new jobs were added in August (by this first estimate), part of this is due to temporary government hiring of 25,000 workers for the 2020 Census.  The graph below shows monthly changes in nonfarm employment since 2016.

Employ0819

As you can see, jobs growth has slowed this year.  Average growth in 2018 was 223,000 per month but just 158,000 so far in 2019.

 

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