Despite a slight slowdown, the nation's labor markets remained strong in August. The smaller-than-expected gain in nonfarm payroll employment (49,000) resulted primarily from Teamsters' strike against UPS, which caused a 153,000 decline in transportation industry jobs. Excluding transportation, private payroll employment picked up by 130,000.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-09, pp. 12, 09.01.1997.