Summer Slowdown: US Job Growth Slows in August

the staff of the Ridgewood blog

Ridgewood NJ, in August, U.S. employers added 142,000 nonfarm jobs, falling short of the 161,000 jobs economists had predicted, according to new data released by the U.S. Bureau of Labor Statistics. Revisions to June and July’s job numbers showed a more significant slowdown than initially reported. June’s figure was revised down to 118,000 from 179,000, and July’s to 89,000 from 114,000.

Key sectors contributing to job growth included construction, which added 34,000 jobs, and healthcare, which saw an increase of 31,000 jobs. The unemployment rate dipped to 4.2% in August, as expected, from 4.3% in July.

Wages also saw a bump, with average hourly earnings rising 0.4% month-over-month and 3.8% year-over-year, both higher than economists had forecast.

This latest jobs report has led analysts to believe that the Federal Reserve may cut interest rates by at least a quarter percentage point during its upcoming policy meeting on September 17-18. The Fed’s benchmark federal funds rate has remained between 5.25% and 5.5% since July 2023.

As the economy continues to show mixed signals, the next steps from the Federal Reserve will be closely watched by businesses and consumers alike.

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