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LifeWork Search News - September 2016


Following two months of strong gains, data from the Bureau of Labor Statistics this morning showed a slightly softer jobs report that fell just shy of economist forecasts, as employment slowed in August.

According to CNBC, Wall Street economists had anticipated a gain of 180,000 jobs for the month and a 0.1 percent drop in the unemployment rate from July. However, according to the BLS, just 151,000 nonfarm payroll positions were added in August, and the unemployment rate remained unchanged at 4.9 percent for the third straight month.

The new data leaves the number of unemployed persons relatively unchanged at 7.8 million, according to the report.

Gains across the industry
The biggest employment gain for August was in food services and drinking places, which added 34,000 jobs for the month. This kept the industry on track with its upward trend over the month. Since the beginning of the year, the sector has seen 312,000 positions added, according to the report.

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Also adding strong gains for the month was the social assistance sector, creating 22,000 positions with 17,000 of them in individual and family services. Employment in professional and technical services increased by 20,000, and financial activities added 15,000 jobs. Employment in construction, government and manufacturing as well as several other industries remained unchanged.

Last month, the average hourly earnings for all employees on private nonfarm payrolls increased to $25.73, an advance of 3 cents.

The central bank will gather on September 20 and 21, and though the recent jobs report represents just one month of the year, it could have a significant impact on the interest rate hike, reported The New York Times. The potential hike is being closely watched by many, since the interest rate has been raised just once by policymakers since the 2008 financial crisis. Until then, the question of an interest rate increase remains.

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