WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 162,000 jobs were added in August. The overall unemployment rate remained unchanged at 4.1% in August from July. These job gains exceeded economists’ expectations of 53,000 jobs to be added.
The unemployment rate for women dropped, from 3.7% in July down to 3.5% in August. With the decrease in the women’s unemployment rate, women’s labor force participation increased. That increase corresponds with the overall labor force participation rising to 61.6% in August from 61.4% in July. The men’s labor force participation also rose, landing at 67.2% in August from 66.8% in July.
August saw strong growth in a number of sectors, including food services and drinking places, manufacturing, health care, and local government education. Food services and drinking places was the topline industry, adding 59,000 jobs in August. Meanwhile, employment declined in information industries.
The University of Michigan’s gauge of consumer sentiment declined to 51.7 in August, down from 55.2 in the prior month, as consumers worry about elevated inflation.
Patrice Onwuka, vice president for economic policy at Independent Women and director of Independent Women’s Center for Economic Opportunity, issued the following statement:
“The robust August jobs report smashed expectations and is a signal of the labor force’s resilience. Not only were 162,000 jobs added last month, but jobs growth was better in July and June than originally reported. The economy did not lose 23,000 jobs in July, but actually gained 21,000, and combined employment in June and July was 55,000.
“Moms and parents got back to work in August after a shorter-than-usual summer vacation. As we observed last month, school systems delayed the end of the school year to make up for a major winter snowstorm. However, parents are getting back to the workforce, as demonstrated by the increase in local education jobs.
“Food and drink establishments hired a vigorous 59,000 jobs—a good sign of the economy’s strength. Consumers are still dining out and spending money at restaurants and bars even as the blockbuster FIFA World Cup competition is in our rearview mirror. These are flexible jobs that women are concentrated in.
“Workers also put slightly more time in last month, as overtime hours edged up. The hallmark no-tax-on-overtime and no-tax-on-tips provisions of the Working Families Tax Cuts are motivating people to stay on the clock. These employment data give conservatives a good case to continue the policies that fuel the economy forward.”
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