August job growth saw gains in hospitality and health care, while manufacturing and retail declined
The US August jobs report showed weaker-than-expected employment growth, with industries experiencing varied results, according to CNBC and data from the US Bureau of Labor Statistics.
Leisure and hospitality led job gains, adding 46,000 positions, followed closely by health care and social assistance, which saw an increase of 44,100 jobs. When including private education, the health care category grew by 47,000 jobs.
Construction also showed strength, adding 34,000 jobs, while government employment rose by 24,000. However, several sectors experienced losses. Manufacturing cut 24,000 jobs, and retail trade dropped by 11,100. The information sector lost 7,000 jobs, while utilities decreased by 200 jobs.
Former Department of Labor chief economist Betsey Stevenson, speaking on CNBC’s ‘Squawk Box,’ highlighted that job growth is concentrated in just three sectors: leisure and hospitality, health and education services, and government.
“We’re just not seeing a lot of growth in business and professional services, and I think that is indicative of an economy that’s slowing down,” she noted.
Business and professional services added 8,000 jobs, while transportation and warehousing grew by 7,900, and financial activities gained 11,000 jobs.
Despite the positive growth in some areas, even strong categories like health care showed signs of slowing. The health care subsector added 31,000 jobs in August, which was about half its average monthly growth over the past year.
Mining and logging remained stagnant with no job gains or losses.
