West Palm Beach, FL Jobs Report

August 2018 Jobs Report

Jobs Added

Metro +1,300
  • Month Over Month: +0.2%
  • 3 Month Average: 1,467
  • Year Over Year: +0.4%
State +27,400
  • Month Over Month: +0.3%
  • 3 Month Average: 23,000
  • Year Over Year: +2.5%
National +201,000
  • Month Over Month: +0.1%
  • 3 Month Average: 185,333
  • Year Over Year: +1.6%

Unemployment Rate

Metro 4.0%
  • Month Over Month: +0.1%
  • 3 Month Average: 3.73%
  • Year Over Year: -0.4%
State 3.7%
  • Month Over Month: -0.1%
  • 3 Month Average: 3.77%
  • Year Over Year: -0.4%
National 3.9%
  • Month Over Month: 0.0%
  • 3 Month Average: 3.93%
  • Year Over Year: -0.5%

The latest data from the Bureau of Labor Statistics shows that 201,000 jobs were added to the U.S. economy in August, which exceeded economists’ predictions of 190,000 jobs. Job gains occurred in professional and business services, healthcare, transportation and warehousing, wholesale trade and mining.

The unemployment rate was unchanged at 3.9 percent. The most exciting news this month, however, is wage growth. Year-over-year wage growth hit a nine-year high at 2.9 percent, now occurring at its fastest rate since the Great Recession. Average hourly earnings increased by .4 percent month-over-month.

To this point, wage growth has been sluggish, which has confounded economists. So, this is very encouraging news for workers. “We’re finally seeing wage gains for some low-paid workers. These include things like baristas, cashiers and bank tellers, and I think that’s helping boost that average wage number,” chief economist at Glassdoor, Andrew Chamberlain, told CBS MoneyWatch this week.

“Wages have been lagging for months given the late stage of the expansion, and they’re still nullified by the increase in inflation,” Robert Frick, corporate economist with Navy Federal Credit Union, said in a statement. “We could be entering that sweet spot for workers that’s typical at an expansion’s peak.”

Initial jobless claims are also a their lowest level since 1969. There continue to be more open jobs than there are qualified workers to fill them. For the 95th straight month, employers hired more people than they fired – the longest streak on record.

The only potential negative to the wage growth seen in this jobs report was observed in the stock market, as futures posted a decline. The healthy economy makes it more likely that the Federal Reserve will raise rates again this year, with wage growth serving as an indicator of inflation.

Sector Job Growth from the B.L.S.

Professional & Business Services -300
  • Month Over Month: -0.3%
  • 3 Month Average: 114
  • Year Over Year: +0.4%
Trade, Transportation, & Utilities -300
  • Month Over Month: -0.3%
  • 3 Month Average: 115
  • Year Over Year: 0.0%
Education & Health Services -100
  • Month Over Month: -0.1%
  • 3 Month Average: 95
  • Year Over Year: -2.9%

Industry Job Growth from the B.L.S.

Administrative & Support & Waste Management & Remediation Services -500
  • Month Over Month: -0.9%
  • 3 Month Average: 54
  • Year Over Year: -1.3%
Transportation, Warehousing, & Utilities 0
  • Month Over Month: 0.0%
  • 3 Month Average: 13
  • Year Over Year: +4.0%
Health Care & Social Assistance +4,500
  • Month Over Month: +0.4%
  • 3 Month Average: 1,135
  • Year Over Year: +2.2%
Employment Services -300
  • Month Over Month: -1.6%
  • 3 Month Average: 19
  • Year Over Year: -1.1%
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Job Growth for All Sectors

BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.

The BLS defines a sector as a subset of the domestic economy and excludes the economic activities of the following: general government, private households, and nonprofit organizations serving individuals. A sector consists of multiple industries.

The BLS defines an industry as a group of establishments that produce similar products or provide similar services. Multiple industries makeup sectors.

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