US adds 10,700 temp jobs in August after decline in July

The US gained temp jobs in August following a decline in the previous month, but the year-over-year growth rate slowed again following declines in June and July, according to seasonally adjusted data from the US Bureau of Labor Statistics. Meanwhile, the US added fewer nonfarm jobs overall than forecast.

Temp jobs totaled more than 2.9 million in August, up 10,700 from the previous month and up 4.3% from August 2014. However, the year-over-year growth rate was 4.6% in July.

The temp penetration rate — temp jobs as a percent of total nonfarm jobs — rose to 2.044% in August from 2.038% in July.

Turning to total nonfarm employment, the US added 173,000 jobs in August. That compares to an average monthly gain of 247,000 for the last 12 months, according to the BLS. Total nonfarm jobs also fell short of analysts’ projections; Bloomberg reported the increase fell below the median forecast of 97 economists, which called for a 217,000 advance.

http://www.bloomberg.com/news/...s-rate-drops-to-5-1-

“All in all this is a very good report,” said Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Penn., whose projection for 180,000 payrolls was among the closest in the Bloomberg survey. “It doesn’t seem, based on other data, that what’s happened in financial and international markets is significantly affecting the US economy.”

August marked a full year with unemployment rates below 6%, following more than six years of an unemployment rate above 6%, according to a statement from US Labor Secretary Thomas Perez.

<LINK TO STATEMENT>

http://www.dol.gov/opa/media/p.../opa/OPA20151745.htm

The US unemployment rate edged down to 5.1% in August from 5.3% in July. The college-level unemployment rate, which can serve as a proxy for professional employment, also edged down in August to 2.5% from 2.6% in July.

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