(The Center Square) – Recently released federal economic data showed an improvement in job growth for the month of August.
The Bureau of Economic Statistics has published its monthly jobs report Friday, which showed the economy grew just below experts’ expectations with 315,000 jobs in August while unemployment soared to 3.7%.
“Notable job gains occurred in professional and business services, health care and retail trade,” the BLS said. “In August, the unemployment rate increased by 0.2 percentage points to 3.7%, and the number of unemployed increased by 344,000 to 6.0 million. By July, these measures had returned to their February 2020 levels, prior to the coronavirus (COVID-19) pandemic. »
Unemployment rates varied by demographics.
“Among major worker groups, unemployment rates for adult males (3.5%) and Hispanics (4.5%) increased in August,” the BLS said. “Unemployment rates for adult women (3.3%), teenage girls (10.4%), whites (3.2%), blacks (6.4%) and Asians (2.8%) changed little over the month.”
“Among the unemployed, the number of permanent job losers rose by 188,000 to 1.4 million in August,” the BLS added. “The number of people on temporary layoff remained virtually unchanged at 782,000.”
The report found that more than 4 million Americans want more hours but can’t get them.
“The number of people employed part-time for economic reasons was little changed at 4.1 million in August,” the BLS said. “These people, who would have preferred a full-time job, were working part-time because their hours had been reduced or they couldn’t find full-time work.