US Jobs Alert: 223,000 Jobs created in August 2018
Posted on October 5, 2018
223,000 US Jobs were added by the economy of the US in the month of August 2018. The US economy requires minimum 150,000 fresh jobs every month for expansion. The job growth was thus above the required minimum. It is likely that the interest rates will continue to be raised by the Federal Reserve. This will be at its future FOMC meetings for 2018, as quoted by the Balance.
The US Healthcare sector added 40, 700 jobs. The sector continued its strong performance even in the time of recession. The confidence of the employers in this sector was initially dampened by the healthcare plan by Trump. This sector normally adds more than 30,000 jobs on a monthly basis.
The Wholesale sector added 22, 400 jobs. This sector usually follows the retail. The Construction sector gained 23,000 jobs. This is a good sign for the Housing market in the US. It also implies that the Real Estate market will not crash in the near future.
17,000 jobs were added by the Leisure sector. Majority of these workers are employees working on an hourly basis. This industry normally adds 20,000 to 30,000 jobs on a monthly basis.
11,000 US jobs were added by the Financial activities sector. Jobs are being added by the banks after the Fed started enhancing rates of interest. Enhanced interest rates offer increased profitability to the lenders. This is because they can charge more for loans.
10,000 jobs were added by the Temporary Help Services. Firms often add Temporary jobs when businesses are picking up. However, they are yet not sure regarding adding full-time jobs.
6,000 jobs were added by the Mining sector. This was spurred by the increasing prices of Oil. Surplus supply from the shale oil producers in the US is getting absorbed. OPEC has agreed to limit its output. Owing to this Oil prices are likely to rise in the US. The Utility sector gained 300 jobs.
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