Job growth slows in August
Total nonfarm payroll employment in the United States increased by 235,000 jobs in August, well below the average monthly job growth so far in 2021 of 586,000 jobs, according to the Bureau of Labor Statistics. In addition, the unemployment rate declined to 5.2 percent. Despite the slower pace in August, total employment in June and July was revised upward to 962,000 jobs and 1.053 million jobs, respectively.
By employment category, the biggest gains were in professional and business services (up 74,000 jobs), transportation and warehousing (up 53,000 jobs), and manufacturing (up 37,000 jobs).
Loretta Clodfelter is senior editor of Institutional Real Estate Americas.