The U.S. economy barely added any jobs last month , and the majority of industries are actually shedding workers. Without gains in the healthcare and hospitality sectors, there would have been no growth in payrolls this year, according to Mark Zandi, chief economist at Moody’s Analytics, who previously warned of a “jobs recession.”
Vital signs for the labor market indicate that it’s getting sicker, and the healthcare sector is one of the few that is keep it from looking even worse.
The latest jobs report revealed the U.S. economy added just 22,000 jobs in August with revisions to prior months showing June actually saw a decline. Meanwhile, the unemployment rate edged up to a four-year high of 4.3%.
In a note on Saturday , Torsten Sløk, chief economist at Apollo Global Manageme