(Keep watching GlobeSt.com for analyses of the latest jobs figures.)
WASHINGTON, DC-The US economy added a disappointing 96,000 jobs in August, according to the Bureau of Labor Statistics. At the same time, the unemployment rate edged down to 8.1%.
Job growth is clearly slowing, however: Since the beginning of 2012, employment growth averaged about 139,000 per month. In 2011, that average was 153,000. This month’s numbers, in fact, present a double whammy to the commercial real estate industry: professional and technical service jobs rose only by 27,000. Job sectors that did see growth also included food service and drinking establishments, which added 28,000 jobs in August. Job gains in computer systems design and related services rose by 11,000 and management and technical consulting services, by 9,000. Another area of growth was health care employment, which rose by 17,000 in August. Finance and insurance added 11,000 jobs.
Manufacturing employment, meanwhile, dropped by 15,000 positions. Another depressing factoid from the report: employment in temporary help services changed little over the month and has shown little movement, on net, since February. Typically an increase in temporary help augurs an increase in permanent hires.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
