U.S. jobs report reveals a sturdy labor market with unemployment down to 4.2%
September 6, 2024
Hiring by America’s employers picked up a bit in August from July’s sluggish pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy.
Employers added 142,000 jobs last month, up from just 89,000 in July, the Labor Department said Friday. The unemployment rate ticked down to 4.2% from 4.3% in July, which had been the highest level in nearly three years.
Collectively, Friday’s figures depict a job market slowing under the pressure of high interest rates but still growing. Many employers are responding to the resilience of consumers, who stepped up their spending in July, even after adjusting for inflation. A survey of service sector companies, including banks, restaurants and health care providers, found that their sales and hiring both rose.
