August employment numbers: Next versus, same as the last verse

Employment in intangible producing industries and tangible producing industries continues trend from previous months.

August’s jobs data from the Bureau of Labor Statistics shows an overall continuing trend from previous months. Payroll employment was up by 315,000. And although there was some volatility in employment within individual industries, employment in intangible producing industries and tangible producing industries continue to track one another. This is a structural change from the pre-2010 period when employment in intangible producing industries grew as a percentage of total employment while employment in tangible producing industries declined.

For more on the categories, see my explanation of the methodology in an earlier posting.