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Breakdown of the Employment Situation in August
Breakdown of the Employment Situation in August
WASHINGTON, DC – Alan B. Krueger, Chairman of
the Council of Economic Advisers, issued the following statement today on the
employment situation in August.
While there is more work that remains to be
done, today’s employment report provides further evidence that the U.S. economy
is continuing to recover from the worst downturn since the Great
Depression. It is critical that we continue the policies that are building
an economy that works for the middle class as we dig our way out of the deep
hole that was caused by the severe recession that began in December 2007.
To create more jobs in particularly hard-hit sectors, President Obama continues
to support the elements of the American Jobs Act that have not yet passed,
including further investment in infrastructure to rebuild our Nation’s ports,
roads and highways, and assistance to State and local governments to prevent
layoffs and to enable them to rehire hundreds of thousands of teachers and
first responders. To build on the progress of the last few years, President
Obama has also proposed an extension of middle class tax cuts that would
prevent the typical middle class family from facing a $2,200 tax increase next
year.
Today’s report from the Bureau of Labor
Statistics (BLS) shows that private sector establishments added 103,000 jobs
last month, and overall non-farm payroll employment rose by 96,000. The economy
has now added private sector jobs for 30 straight months, for a total of 4.6
million jobs during that period.
The household survey showed that the
unemployment rate declined from 8.3% to 8.1% in August.
Employment rose notably in leisure and
hospitality (+34,000), professional and business services (+28,000), health
care and social assistance (+21,700), and wholesale trade (+7,900).
Manufacturing lost 15,000 jobs, including a 7,500 drop in motor vehicles and parts;
this is partly payback for relatively few seasonal auto plant shutdowns in
July. Over the past 30 months, manufacturers have added more than 500,000
jobs. Government lost 7,000 jobs, as state government payrolls fell by
6,000 and local governments shed 4,000 jobs. Since February 2010, State and
local governments have lost 504,000 jobs.
As the Administration stresses every month, the
monthly employment and unemployment figures can be volatile, and employment
estimates can be subject to substantial revision. Therefore, it is important
not to read too much into any one monthly report and it is informative to
consider each report in the context of other data that are becoming available.
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