Article source: ConstructConnect
August’s Employment Situation report from the Bureau of Labor Statistics (BLS) says that the total number of jobs in the U.S. economy rose by +235,000 in the latest month. A gain of nearly a quarter of a million jobs may sound like a lot, but in the grand scheme of things, it’s rather tame.
Compare it with the month prior’s performance. July was originally reported at +943,000 jobs. That figure has now been revised higher to +1.053 million.
Job creation in August became bogged down. It was probably due to the coronavirus making a comeback, by way of the Delta variant, and threatening a fourth wave heading into the Fall.
The best illustration of how hiring tapped out in August can be found in the ‘leisure and hospitality’ sector. The economy-wide staffing change with bars and restaurants and hotels/motels in the latest month was zero.
Nevertheless, it’s encouraging to note that the year over year change in ‘leisure and hospitality’ employment is a strong +17.4%.
Total employment is now +4.3% y/y; construction employment is +2.7%.
