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The August Jobs Report Falls Short Of Expectations, But Recruiters Remain Bullish

JACK KELLY FORBES.COM

Falling short of expectations, the economy gained only 130,000 jobs in August, the Bureau of Labor Statistics reported on Friday.

The key takeaways from the the jobs report include:

  • Over 157.9 million Americans are employed. 
  • The unemployment rate stayed steady at 3.7%.
  • Manufacturers added only 3,000 jobs, which was disappointing. 
  • The number of newly employed people was greatly enhanced by the addition of 34,000 government jobs, including the mass hiring of temporary census workers for the 2020 population count. 

The largest gains in August were attributed to professional and business services, which added 37,000 jobs. Healthcare positions increased by 24,000 and financial services realized a gain of 15,000.

Today In: Leadership

Conversations with over 30 recruiters throughout the country confirm that they view the job market as very robust. The corporate demand, according to the executive search professionals, outweighs the supply of qualified candidates. With unemployment at a 50-year low, companies are experiencing trouble hiring people with the requisite skills and experience.

Dimitri Mastrocola, a partner at Major, Lindsey & Africa, specializing in placing high-end legal executives with top financial institutions said, “The current market for in-house counsel—general counsels and their teams—is the strongest it's been since the 2008 financial crisis.”

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