US Markets
Friday, September 2nd, 2022 9:36 am EDT
The U.S. economy added another 315,000 payrolls in August, with jobs growth slowing overall but still widespread throughout the economy.
The economy saw growth in all the key sectors and subsectors in August, led by a gain of 68,000 jobs in professional and business services.
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“The market will like the broad-based gains in jobs as both goods-producing and services jobs rose in August,” said Jeffrey Roach, the chief economist for LPL Financial.
The strongest areas within professional and business services include computer systems design, management and technical consulting, and architectural and engineering. The sector has now added 1.1 million jobs over the past 12 months, according to the U.S. Bureau of Labor Statistics.
Health care came in second for the month, with 48,200 jobs added. If health-care jobs were added to education and social services, as some economists do, that broad sector would have matched the 68,000 gain by professional and business services.
Retail trade was another bright spot, growing by 44,000 jobs. That was an acceleration from the 29,100 jobs added in July.
Even though job growth was positive across the board, it was significantly slower in some areas. Leisure and hospitality, for example, added 31,000 jobs in August after growing by 95,000 in July. The sector is still 1.2 million short of its pre-pandemic level.
Transportation and warehousing added just 4,800 jobs after growing by more than 24,000 in July.
Roach also pointed to a rise in part-time workers by 225,000, with 69,000 saying they could not find full-time employment, as a potential area of concern going forward.
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