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The latest jobs report for August showed weaker than expected results, with a mixed bag of employment growth across different industries in the U.S. Leading the growth were leisure and hospitality, and health care and social assistance, each adding over 40,000 jobs, according to data from the Bureau of Labor Statistics.
When private education is included in the health-care sector, the combined category saw a growth of 47,000 jobs. However, there were conflicting data in other job categories. Construction showed a bright spot with an increase of 34,000 jobs, while manufacturing saw a loss of 24,000 jobs. Professional and business services saw a slight increase of 8,000 jobs, but information saw a decrease of 7,000 jobs.
Former Department of Labor chief economist Betsey Stevenson noted that job growth is mainly coming from leisure and hospitality, health and education services, and government, indicating a slowing economy. Even the stronger categories experienced a temporary slowdown, with the health-care sector adding 31,000 jobs, about half of its average over the previous 12 months.
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Lucas Bennett, completed his Finance degree at Bocconi University in Italy in 2018. He is highly skilled in corporate finance and risk management, beginning his career at a hedge fund in Milan. Lucas expertise extends to consulting for leading European firms, particularly within the energy markets sector. His analytical skills and strategic mindset have made him a sought-after consultant, and he continues to explore new opportunities within the financial services industry across Europe.
