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.

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Stock Forecasts

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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.

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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.

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