US Economy Adds 235,000 Jobs In August; Unemployment Falls To 5.2 Percent – Analysis – Eurasia Review
The August job gains were somewhat weaker than expected; although it is not clear that it should be viewed as a seriously negative report. The 235,000 figure is less than half of what most forecasters had been predicting, but it was still associated with a 0.2 percentage point drop in the unemployment rate to 5.2 percent. The unemployment rate had not fallen to 5.2 percent following the Great Recession until July of 2015. It is also important to note that in the prior two months jobs gains were revised up 134,000, bringing the three-month average to 750,000.
State and Local Government Lost 11,000 Jobs in August
The state and local sectors, which are still down 815,000 jobs from their pre-pandemic level, lost 11,000 jobs after adding 246,000 in July. This is likely a question of timing, with some jobs that would be added back in the fall showing up in July and some still to appear in…