The August jobs report from the Bureau of Labor Statistics shows the U.S. economy added 142,000 jobs last month as the unemployment rate ticked down to 4.2 percent. Employment growth in August was in line with average job growth in recent months but was below the average monthly gain of 202,000 over the prior 12 months. In a boost to Americans’ pocketbooks, wage growth increased by3.8 percent over the past year.
JUST IN: A solid jobs report. The US added 142,000 jobs in August. That’s just below expectations of ~160k and a decent rebound from 89,000 jobs in July.
The unemployment rate fell back to 4.2% (down from 4.3% in July) Wages: +3.8% in past year (well above 2.9% inflation)… pic.twitter.com/Yd8p4PBP6y — Heather Long (@byHeatherLong) September 6, 2024
The number of people on temporary layoff declined by 190,000 to 872,000 in August, mostly offsetting an increase in the prior month. Economist Paul Ashworth wrote in a note to clients that the August jobs report is “still consistent with an economy experiencing a soft landing rather than plummeting into recession.” Federal Reserve officials are surely keeping a close eye on the new data as they consider interest rate cuts later this month. And, of course, VP Kamala Harris and Donald Trump will be looking to the report to make their case for who is better for the economy.
MAGA screaming “the #JobsReport was terrible only adding 142,000 jobs” while the bestest economy in world history under Trump September 2017 – LOST 33,000 jobs September 2018 – 134,000 jobs added September 2019 – 136,000 jobs added Trump had a slow economy before Covid, Covid…
— Jimmy (@JimmyStreich) September 6, 2024
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