WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 22,000 jobs were added in August. The overall unemployment rate grew slightly to 4.3% in August from 4.2% in July.
The unemployment rate for women grew slightly to 3.8% from 3.7%. Overall labor force participation grew slightly to 62.3% in August from 62.2% in July.
The overall increase in labor force participation is counter to a drop in women’s labor force participation, which fell to 56.9% in August from 57.1% in July. Meanwhile, men’s labor force participation grew to 68% in August from 67.6% in July. Both rates for men and women are still below pre-pandemic levels.
August saw strong growth in healthcare jobs partially offset by employment losses in federal government and in mining, quarrying, and oil and gas extraction. Federal employment dropped 15,000 jobs in August, totaling 97,000 jobs lost since January.
The National Federation of Independent Businesses (NFIB) Small Business Optimism Index rose in July, with respondents reporting better business conditions and reporting that it is a good time to expand. In late August, NFIB Research Center also released an industry-specific quarterly Small Business Economic Trends survey highlighting the construction, manufacturing, retail, and services industries. The report showed the Optimism Index across the four reported industries rose from the previous quarter, a reversal from the January to April period.
Carrie Sheffield, senior policy analyst at the Center for Economic Opportunity at Independent Women, issued the following statement:
“America’s stable labor market is a positive sign for our economy. The rise in labor force participation is a signal of confidence as more workers leave the sidelines to enter the labor market. Rising small business optimism bodes well for future job creation as former federal workers shift to the private sector.
“Washington has undertaken positive steps to continue to liberate the labor market through smart deregulation—especially President Trump’s powerful requirement that for every one regulation promulgated, 10 are removed.
“We look forward to the continued progress toward tax and regulatory reforms that will enable job and wage growth thanks to the Working Families Tax Cut as witnessed following passage of the 2017 Tax Cuts and Jobs Act.
“We look forward to seeing these efforts bear fruit and continue to improve job creation for American families in the months ahead.”
###
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.
