The domestic economy generated 173,000 jobs last month, down from July’s 245,000 revised additions and well shy of the 247,000-position average the labor market maintained over the last 12 months, according to a report released Friday by the Labor Department. Analysts were expecting between 200,000 and 220,000 new jobs.
The health care and social assistance industries surged in August, adding 56,000 new positions. Over the course of the last year, the industries have generated 564,000 new jobs. Professional and business services tacked on 33,000 new jobs, while food services’ and drinking places’ payrolls expanded by 26,000 positions.
“Today’s employment report serves as a good reminder that the U.S. economy is not the stock market,” Brian Hamilton, co-founder and chairman at Sageworks financial information company, said in a statement Friday. “Unemployment is at the lowest rate since April of 2008, and the most recent [gross domestic product] report shows a very healthy rate of growth so far this year.”
Unemployment ticking down to 5.1 percent is good news, but thereason