August Unemployment Report

The Bureau of Labor Statistics (BLS) released a report today on employment and unemployment for August (pdf summary available at http://www.bls.gov/news.release/empsit.toc.htm). Highlights of the report:

Unemployment Rate

· The unemployment rate increased to 6.1% in August, from 5.7% in July and 5.5% in June and May.

Payroll Employment

· Total non-farm payroll employment declined by 84,000 jobs in August, following declines of 60,000 in July and 100,000 in June.

o There have been eight consecutive months with job losses. Over that period, payroll employment has declined by 605,000 jobs.

· Reflecting adjustments in the housing sector, employment in the construction industry declined by 8,000 in August and has declined by 564,000 jobs since its recent peak in September 2006.

· Employment fell in the motor vehicles and parts makers sector by 39,000 jobs in August. In the retail sector, employment at auto and parts dealers was down by 14,000 in August.

· Manufacturing employment declined by 61,000 jobs in August; job losses in manufacturing have averaged 43,000 per month thus far in 2008, compared with an average loss of 22,000 per month during 2007.