US economy adds 142,000 jobs as unemployment rate falls slightly, Dept. of Labor reports
FILE-People speak to recruiters at a job fair. (Photo by Joe Raedle/Getty Images)
Employers added 142,000 jobs in August while the unemployment rate fell slightly to 4.2% from 4.3% in July, according to a Department of Labor jobs report.
Jobs added for June and July were revised down by a combined 86,000, and July’s job growth was the lowest since December 2020.
A few industries experienced job growth, with the construction industry adding 34,000 in August, while the health care field added 31,000 jobs, FOX Business reported.
The average hourly earnings for employees rose 14 cents to $35.21, bringing the annual increase to 3.8%.
FOX Business noted that multiple jobholders rose by 65,000 to 8,538,000, and the number of part-time workers grew by 527,000, while full-time workers declined by 438,000.
The latest August job statistics come as the Federal Reserve is expected to make an interest rate cut when the agency meets Sept. 17-18.
Interest rates have been at the highest level in 23 years amid the central bank’s push to reduce inflation, with the benchmark federal funds rate currently in the range of 5.25% to 5.50%, FOX Business reported.