Employment increased by 142,000 jobs in August, the U.S. Bureau of Labor Statistics reported Friday, although the unemployment rate ticked downward by one-tenth of a point to 4.2%, in one of the most closely watched jobs reports ahead of a Federal Reserve decision on interest rate cuts.
The number of jobs added fell short of economist expectations of 161,000 jobs. It was also below the average monthly gain of 202,000 over the previous 12 months. Job gains mostly occurred in the construction and health care sectors. Professional and business services added only 8,000 jobs in August, including 1,500 in accounting, tax preparation, bookkeeping and payroll services.
The BLS also revised downward the number of jobs added in June and July, with June’s number reduced by 61,000, from 179,000 to 118,000 jobs, and July revised down by 25,000, from 114,000 to only 89,000. With boh revisions, employment in June and July combined was 86,000 lower than the BLS previously reported
Average hourly earnings in August increased by 14 cents, or 0.4%, to $35.21. Over the past 12 months, average hourly earnings have increased by 3.8%.
Andrew Harrer/Bloomberg
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