National jobs report

Slowdown continues as August adds fewer jobs than expected

Last month, 142,000 jobs were added in the US, another sign of a cooling labor market.

Ahead of its release, most experts were anxiously awaiting August’s numbers, considering it one of the most consequential this year. Predictions estimated about 160,000 jobs would be added and for the unemployment rate to drop to 4.2%.

August continues the labor force trend started in July – a sharper slowdown than what experts hoped for.

• Unemployment rate fell to 4.2%
• Wage growth rose to 3.8%, up from 3.6% last month
• Labor force participation rate held at 62.7%
• Leisure and hospitality (+46,000), healthcare (+44,000), and construction (+34,000) saw the largest gains
• Manufacturing lost 24,000 jobs in August
• Retail (-11,100) showed losses for the third month in a row
• July’s jobs report was revised down to +89,000

How will you finish 2024?

With the end of summer, now is the time to be finalizing plans for the rest of the year.

However, uncertain labor markets can make that a challenge. Even strong industries are facing chronic issues like labor shortages and high wages.

Now is when you need a staffing partner who can help you adapt to whatever comes next. Contact us today to learn how we help you meet any last-minute needs.