Which industries hired the most workers in August?
Published On Sep 6, 2024, 11:07 AM
In August, the U.S. job market added 142,000 jobs, falling short of economists’ expectations. The construction sector led the gains with 34,000 jobs, while healthcare contributed 31,000 jobs. Other notable sectors included leisure and hospitality (46,000 jobs) and government (24,000 jobs). However, manufacturing saw a loss of 24,000 jobs, and retail lost 11,000 positions. The unemployment rate dropped slightly to 4.2%. Overall, job growth was uneven across industries, highlighting economic challenges.
Stock Forecasts
XHB
Positive
The strong job growth in construction and healthcare indicates stability and potential for growth in these sectors. Conversely, job losses in manufacturing and retail might point to a slowdown in those industries, leading to cautious investment in related stocks. Construction-related firms and healthcare stocks may see positive trends due to job increases.
XLI
Negative
With manufacturing jobs declining, stocks related to this sector could face negative pressure as companies may adjust their workforce. Investors might be cautious about companies primarily dependent on manufacturing, particularly those heavily invested in durable goods.
Related News
A Trump Fix for the Housing Crisis Could Actually Make It Worse
Oct 11, 2024, 12:01 PM
The former president often implies that deportations will bring down housing costs. Reality is more complicated.
Inflation sees the lowest annual rise since 2021
Oct 10, 2024, 1:34 PM
The Consumer Price Index (CPI), the main measure of inflation, increased 0.2% in September, a similar increase consumers saw in August and July, the Bureau of Labor Statistics reported.
Mortgage rates predicted to increase in next few days
Oct 10, 2024, 6:50 AM
Recent falls in rates could come to "an abrupt halt" in the next few days, according to brokers