U.S. Jobs Report: Employment Keeps Slowing, But Only Gradually
September 6, 2019 | The Conference BoardEstimated reading time: 1 minute
Total nonfarm payroll employment increased by 130,000 in August, and the numbers for July and June were revised down a little. Excluding the hiring of 25,000 temporary workers to prepare for the 2020 Census, the gain in August was just 105,000. Employment growth is clearly slowing down, and the remaining growth is concentrated in just three services sectors: professional and business services, health care and government. On a positive note, the number of workers in the Temporary-Help industry, perhaps the best leading indicator of overall employment, increased in August and is not showing signs of plummeting.
Labor force participation improved by 0.2 percentage points to 63.2 in August and as a result, the unemployment rate remained unchanged at 3.7%. With employment growth slowing and the ongoing expansion of labor force participation, the US labor market will continue to tighten in the next year, but much more slowly than in recent years. With the labor market remaining historically tight, labor cost will continue accelerating, further squeezing corporate profits.
In sum, the report suggests that employment is slowing, but only gradually. Today’s jobs report would not significantly impact the way the Federal Reserve views labor market conditions in the US.
About The Conference Board
The Conference Board is the member-driven think tank that delivers trusted insights for what’s ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States.
Suggested Items
Technica USA Presents Inaugural Supplier Alliance Award at IPC APEX EXPO 2024
04/24/2024 | Technica USADuring IPC APEX EXPO 2024, Technica USA took the opportunity to thank all of their supply partners that made the effort to join them for the exhibition in their booth, as well to all of our SMT partners that had their own booths, with the latest in automation and process technology.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.