Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate changed little at 4.2%, the U.S. Bureau of Labor Statistics (BLS) reported Friday.
“The August jobs report showed continued weakening in employment growth, despite slight improvement for the month. Revised June and July numbers were reduced by 86,000, bringing the average job gains over the last three months to 116,000,” said America’s Credit Unions Senior Economist Dawit Kebede. “The BLS announced in late August a preliminary benchmark revision, showing employment through March 2024 is 800,000 lower than previously reported. The Federal Reserve is now weighing the employment risks of tight monetary policy, increasing the likelihood of a half-point rate cut in September.”
