August labor report: the market remains cool
The US labor market picked up slightly in August, adding 142,000 new jobs, according to the Bureau of Labor Statistics. The August report came in lower than economists’ predictions, which continues to reflect a cooling in labor market conditions. The unemployment rate fell to 4.2% compared to 4.3% in July.
Healthcare saw some of the largest job gains in August, adding 31,000 new roles last month.
Other industries that experienced job gains in August:
- Professional and business services: 8,000 new roles added
- Leisure and hospitality: 46,000 new jobs added
- Government: 24,000 new roles added
Economists predict the Federal Reserve will cut interest rates when they meet later this month. Most anticipate a potential quarter-point reduction, while others think a larger half-point cut could be on the table.
If you’re looking to add to your team or are ready to make a change in your career, Addison Group can help. For more than 20 years, we’ve focused on quality over quotas. That means we listen to your goals and make matches that last. Let’s work together.
Download the August labor report.
Source: August 2024 Monthly Jobs Report, Bureau of Labor Statistics
