315,000 Jobs Added in August, Exceeding Estimate Reports

In spite of recent interest rate hikes by the Federal Reserve this week, job numbers from August have shown 315,000 jobs added along with a 5.2% growth in average hourly pay.

Top industries that saw the highest rate of growth included museums, recreational facilities, water transportation and apparel manufacturing. All these industries averaged around a 1.3% rate of growth for the month. However, coal mining saw a reduction of around 600 jobs for an overall -2% rate of growth.

Support activities for mining such as extraction workers, service unit operators and drivers had the biggest rate of growth overall for the month of August at 2.72%

Bloomberg also indicates a positive correlation between a rise in employment and a rise in the average hourly wage. This BLS data is shown in the article visualized from 2006 – 2022.

Ultimately, however positive these numbers may be interest rate decisions against inflation may give way to more uncertainty.

To view more information on employment trends, click here to see the full article at Bloomberg.com

The article US Jobs: Mining Activities, Scenic Transportation, Museums Grew the Fastest in August appeared first on Bloomberg.com