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Employment Numbers Up, But at Slower Pace

Jobs level in retail unchanged in August.

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Employment Numbers Up, But at Slower Pace
PHOTOGRAPHY: XiXinXing/iStock.com

The U.S. jobs market continues to cool. Total nonfarm payroll employment in the U.S. increased by 187,000 in August, well below the average monthly gain of 271,000 over the prior 12 months, the U.S. Bureau of Labor Statistics reports.

In addition, the unemployment rate rose to 3.8 percent, up from 0.3 percentage point to 3.8 percent in August, and the number of unemployed persons increased by 514,000 to 6.4 million. Both measures are little different from a year earlier, when the unemployment rate was 3.7 percent and the number of unemployed persons was 6.0 million.

Employment continued to trend up in health care, leisure and hospitality, social assistance and construction, while employment in transportation and warehousing declined. Retail trade and wholesale trade were among the major industries showing little change over the month.

The bureau’s latest statistics also showed the labor force participation rate rose to 62.8 percent in August, the highest it’s been since the onset of the pandemic.

“If sustained, this increase in the labor force could help cool off wage growth and slow inflation,” said Gus Faucher, PNC Financial Services’ Chief Economist, in CNN Business’ coverage of the jobs news and its impact on Wall Street.

Click here for more from the bureau report.

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Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

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