The U.S. jobs growth falls short of estimates as this week’s August jobs report has been released. Nonfarm payrolls increased by 130,000 mostly due to the federal government’s increase in temporary workers. As the 2020 Census draws closer, the fed ramps up its hiring and of those 130k at least 28,000 were newly hired federal Census employees. Unfortunately, other sectors didn’t secure the same kind of growth. Mining saw a loss of 6,000 jobs while the retail industry lost around 15,000. And with June and July reports being revised down as well, some still fear an economic slowdown.
With that being said, there are still optimists that believe these aren’t troubling signs. Scott Clemons, the chief investment strategist at Brown Brothers Harriman, told CNBC, “If we weren’t already talking about recession risk and already looking for signs of a slowdown, we wouldn’t start today because of this jobs report… I come down on the optimistic side. I think it’s a pretty good jobs report.”
Learn more about the August Jobs report in our infographic below: