Providing the latest evidence of a post-Covid 19 jobs recovery, the nation’s employment rolls increased by 315,000 in August, with the professional and business services segment leading the way with 68,000 new jobs.
In just-released figures by the Bureau of Labor Statistics, nearly every employment segment saw gains: with healthcare up by 48,000 and the retail industry seeing an increase of 44,000.
Construction firms last month hired 16,000 new people, with nonresidential specialty trade contractors seeing a 5,600 increase in employment and general building contractors up by 700 new jobs.
Employment in residential construction, which includes homebuilders and multifamily general contractors, saw a gain of just under 11,000 last month.
Heavy and civil engineering construction firms, however, were off by 2,000 jobs.
According to a recent survey published by the Associated General Contractors of America, a massive 91% of contractors said they are continuing to have a difficult time finding new workers. In a statement, Ken Simonson, chief economist with the AGC, remarked: “With the industry unemployment rate hovering below 4%, finding qualified applicants is sure to remain a major challenge.”
Other employment segments seeing gains in August: leisure and hospitality, up by 31,000; manufacturing, with a 22,000 gain; and the financial activities industry, adding 17,000 jobs.
In a statement accompanying the latest national figures, William Branch, Bureau of Labor Statistics Commissioner, said the August numbers “brings total nonfarm employment 240,000 above its February 2020 level, before the coronavirus pandemic.”
The overall national job increase in August was seen as good news by economists, many of whom had earlier predicted an employment gain of no more than 290,000, although the Wall Street Journal noted that the gains were down from July’s 526,000 new jobs.
“The deceleration marked a pullback from robust gains that characterized much of the past two years,” said the paper.
By Garry Boulard
