Job Growth Continues, But at a Slower Pace
Job Growth Continues, But at a Slower Pace
The US job market added 142,000 jobs in August, according to the Bureau of Labor Statistics. While this represents continued growth, it’s below the average of 174,000 jobs added per month over the past year.
The unemployment rate fell to 4.2% in August from 4.3% in July. This marks the lowest unemployment rate since February 2020.
Wage Growth Remains Strong
Average hourly earnings rose by 0.2% in August, bringing the year-over-year increase to 4.3%. This is still above the Federal Reserve’s target inflation rate of 2%.
What Does This Mean for the Economy?
The slower pace of job growth is a sign that the economy may be slowing down. However, the low unemployment rate and strong wage growth suggest that the labor market remains healthy.
It’s important to note that the August jobs report is just one piece of the puzzle. Economists will be watching other economic indicators, such as retail sales and consumer spending, to get a better sense of the overall health of the economy.
Additional Resources
- Bureau of Labor Statistics: https://www.bls.gov/
- The White House: https://www.whitehouse.gov/
- Federal Reserve: https://www.federalreserve.gov/
