Sep 5, 2023
On September 1, 2023, the U.S. Bureau of Labor Statistics released the August Employment report. Consistent with the recent pattern, the report revealed an increase in employment with 187,000 jobs added during the month. Nevertheless, it was accompanied by a 0.3 percentage point escalation in the unemployment rate, which consequently stood at 3.8 percent in August. Furthermore, the labor force participation rate, representing the proportion of individuals employed or actively seeking employment, rose by a fraction (0.2 percentage point), settling at 62.8 percent.
While job creation continued to exhibit a positive trajectory in several sectors in August, notable among these were healthcare & social assistance, leisure and hospitality, and construction. Nonetheless, the employment landscape was not universally positive, with transportation and warehousing, information, and mining & logging witnessing a decline in the number of jobholders.
Focusing on the healthcare & social assistance sector, an impressive 97,000 jobs were added in August. This figure exhibits consistency with the sector’s performance in June and July. Additionally, in the leisure and hospitality sector, employment figures rose, bearing witness to an additional 40,000 jobs in August. The construction industry also remained robust, adding 22,000 jobs through the month.
The sector warranting special mention is healthcare & social assistance, which led the way in job growth in August. This sector has maintained its position at the forefront of job creation over the past three months; June, July, and August. Given its strong showing, let’s delve into the top 10 job titles within the healthcare sector for 2023 as identified by the US News & World Report earlier this year:
Oral and Maxillofacial Surgeon
U.S. News & World Report, Jan. 10, 2023 https://money.usnews.com/money/careers/articles/how-us-news-ranks-the-best-jobs
Converse to the positive growth witnessed in certain areas, the transportation and warehousing sector recorded a substantial shedding of 34,000 jobs in August due to business closures. The information sector too, faced a drawback, losing 15,000 jobs during the month.
In conclusion, while the United States witnessed an addition of 187,000 jobs in August 2023, the overall unemployment rate rose by 0.3 percent, reaching 3.8%. Industries registering a monthly net gain included healthcare & social assistance, leisure and hospitality, and construction. Conversely, sectors exhibiting a net loss comprised transportation & warehousing, information and mining & logging.
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