Posted by Gia Ciccone on September 15, 2014
Though the last several jobs reports have been strong, September’s report did not follow the pattern, only adding 142,000 jobs to the economy. This is the first report in seven months that the BLS has not reported a job growth of over 200,000. This month’s job creation was mainly focused in the professional and business services and healthcare sectors.
National Unemployment Rate Back to 6.1 percent
Despite the dismal jobs report numbers, our national unemployment rate saw a .1 percentage point decrease. We’re now sitting at 6.1 percent, which is back to where the nation was in July.
Labor Force Participation Rate Sits at 36-Year Low
This month, the BLS reported that the Labor Force Participation rate fell back down to 62.8 percent. This is just a .1 percent difference from the previous month, however economists are still a little worried about this number as it is the lowest labor force rate the US has seen in 36 years.
Economists are keeping an eye on the labor force participation rate, especially as baby boomers retire and Generation Y gets ready to work.
Professional & Business Services Chugging Along
This month, the Professional and Business Services sector was on top in terms of growth, adding 47,000 jobs in August. This sector has been huge for the US economy, adding 639,000 over the last 12-months, and is still growing steadily.
Though Temporary Help Services was not heavily mentioned in this month’s BLS report, it did have the staffing world talking. Staffing Industry Analysts reported that the sub-sector added 13,000 jobs in August; moreover, temporary jobs account for 2.08 percent of all employment, which beats the sector’s current record.
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