The U.S. Bureau of Labor Statistics (BLS) reported a slump in American job growth last month.
Overall, the economy added 142,000 jobs in August, which is 70,000 less than in July and 60,000 less than last August. (July's overall growth was revised up from the initially reported 209,000 jobs added. The initial numbers are frequently revised in subsequent reports.) There was also insignificant change in the unemployment rate, which was 6.1 percent. Today's number is very different from the 204,000 jobs payroll company ADP and Moody's Analytics reported Thursday.
This overall stagnation was also felt in the architecture-related industries. Architecture and engineering added only 2,700 jobs. This is the slowest growth since February.
Manufacturing job growth flat-lined, which comes as a disappointing blow after two months of adding more than 20,000 jobs. This was the poorest month for the manufacturing industry since the loss of 9,000 jobs in July of 2013. ADP and Moody's Analytics, however, reported that manufacturing added 23,000 jobs in August.
The construction industry added 20,000 jobs according to the BLS. That's more than the other two industries but less than the amount of jobs the industry added in July. (ADP and Moody's Analytics reported15,000 construction jobs were added.)
According to today's report, residential construction jobs fared better in August than nonresidential, adding 13,200 jobs compared to nonresidential's 5,500. Most of the residential construction job growth was in residential specialty trade contractors, which added 9,200 jobs. There were 9,700 less nonresidential construction jobs added in August than in July. Heavy and civil engineering added 900 jobs.
Charts: Maggie Goldstone; Source: U.S. Bureau of Labor Statistics
