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Employment Numbers Up, But at Slower Pace

Jobs level in retail unchanged in August.

Published

1 year ago

September 4, 2023

INSTORE Staff

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.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”