Employment Rose by 142K Jobs in Aug., Unemployment Rate 4.2%

Washington, DC, September 6, 2024-Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate changed little at 4.2%, the U.S. Bureau of Labor Statistics reported today. 

Job gains occurred in construction and healthcare.

Says the Wall Street Journal, “U.S. job growth rebounded in August from levels that were softer than initially reported this summer, leaving the Federal Reserve on track to begin a series of rate cuts when officials meet later this month.

“The economy added 142,000 jobs, according to the Labor Department, an uptick from July data that sparked slowdown fears and jarred global financial markets. The unemployment rate in August ticked lower to 4.2%.

“In an additional sign that summertime hiring was weak, the Labor Department revised down its estimates for June and July job growth by a combined 86,000 jobs.

“The latest report was heavily anticipated on Wall Street because a weak reading could have pushed Fed officials to begin a likely series of rate reductions this month with a larger half-percentage-point cut rather than a more traditional quarter-point cut. The headline figures in August likely weren’t weak enough to do that, but the negative revisions to reported job growth for June and July didn’t neatly answer investors’ question over the size of the initial cut.”