The Bureau of Labor Statistics reported that 151,000 jobs were created in August 2016, with the unemployment rate remaining at 4.9 percent for the third consecutive month.
New Job Creation Still Trends Positively
While new job creation may have slowed in August, it continued to trend in a positive direction. The 155,00 new jobs created in August brings the average number jobs created per month for the last three months to 232,000.
While the slowed job growth in August may be cause for concern to some, economists indicate that job growth is typically slower in August than in other months. The pace is also indicative of a strong economy as job growth is expected to slow as the unemployment rate shrinks.
Revisions to previous months: The change in total nonfarm payroll employment for June was revised from +292,000 to +271,000, and the change for July was revised from +255,000 to +275,000.
Bump in Wages Continues
The average hourly wage of U.S. workers rose three cents in August 2016, reaching $25.73. This marks a 2.4 percent year-over-year increase in hourly earnings.
Tech Jobs Dominate Professional and Business Services Sector
Growth in professional and business services slowed on par with national job growth, with tech jobs still leading the way in the sector. Of the 22,000 new professional and business service jobs created in August, 20,100 fall under professional and technical services.
The specific areas seeing the most growth in the tech sector include:
- Management and technical consulting services (+7,300 jobs in August 2016)
- Computer systems design and related services (+6,100 in August 2016)
- Scientific research and development services (+3,200 jobs in August 2016)
The unemployment rate for professional and technical services was 2.6% in August 2016, dropping 0.1% from July.
August Jobs Report Fast Facts
Hire Top Tech Talent in 2016
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