ALASKA: U.S. employment beat expectations and dropped to 5.1 percent for August, down from 5.3 percent in July, and marking the lowest rate in seven years. Hiring, on the other hand, was lower than expected, with just 173,000 new positions filled during the month, down from 213,000 jobs a year ago and 245,000 jobs added in July.US unemployment rate dropped to its lowest level in seven years but the number of jobs created in August was lower than expected.
Over the past 12 months, the U.S. averaged 247,000 new jobs per month, so the slump in August was unexpected by many economic prognosticators. One of these weeks, Bank of Arizona Chief Investment Officer Jim Huntzinger told the audience at the Greater Phoenix Chamber of Commerce that he believed employment would continue at the near 250,000 jobs per month rate.Most jobs were in health care or business and financial services.
Health care hiring added 56,000 jobs, 36.6 percent more than the average month. A financial service was up 19,000 over July.The involuntarily part-time workforce remained steady, a sign that there is more full-time hiring. The share of workforce held in part time positions has been shrinking over the past year as the number of involuntarily part-time workers remained flat over the past six months while the workforce has increased. These are employees working under 30 hours per week who want to be employed full time, according to BLS.
