New Jobs in August Were Below Forecasts

By Tom Burnett CFA
On September 3, 2021, the Bureau of Labor Statistics reported the employment data for August 2021. Total employment rose by 235,000 in August, well below general forecasts of more than 700,000. Despite the lower than expected increase, total jobs have increased by 17 million from the April 2020 low point. The total figure is still down 5.7 million from the high point in February 2020.
June-July totals were revised upwards by a total of 134,000. Manufacturing jobs rose by 37,000 in August, but still trail the February 2020 total by 378,000. Average hourly earnings rose by $0.17 to $30.73. It was the fifth month in a row that average hourly earnings increased.
The next Report will be issued on October 8, 2021.