On Friday the Department of Labor released its monthly data and let’s just say things seem to be plodding along.
Employers added 142,000 jobs in August which is below the 226,000 average increase from previous months. In addition, the unemployment rate fell to 6.1 percent which represents the lowest level in nearly six years.
Let’s look at the big picture, shall we? Sure, August job growth slowed down but August is typically a slow month, right? People are out on vacation and job postings as well as approvals for offers tend to be lighter than other months anyway.
We should add the Department of Labor revised June and July numbers which reflected a decrease. The economy added 28,000 fewer jobs than initial numbers revealed. But, let’s look at the bright side: The past year job growth has still surpassed other years dating back to 2006!
Steven Blitz, chief economist at ITG Investment Research, told The Wall Street Journal that Friday’s report “doesn’t tell me the economy is slowing down, but it also says we’re not accelerating. It’s just more of the same.”