Today’s employment numbers from BLS is somewhat mixed news. The unemployment rate dropped slightly to 5.1% in August but payrolls increased by only 173,000. Economists had expected an increase of 217,000 jobs.
Employment in intangible producing industries grew faster than in tangible producing industries. Employment in tangible producing industries was up by only 34,100 in August. Manufacturing and Construction & Mining employment dropped. Trade, Transportation & Utilities and Accommodation & Food Service were once again the biggest gainers. Intangible producing industries added 139,100 jobs. Educational & Health Services had the overall largest gain. Professional & Business Services and Government also grew. Arts, Entertainment & Recreation employment increased, reversing a two month decline.
For background on the methodology, see our working paper Employment in tangible-producing and intangible producing