August Jobs Report: U.S. Adds 142,000 Jobs

In August 2024, the U.S. labor market saw a modest gain of 142,000 jobs, continuing its growth but still below the pace observed earlier in the year.

The unemployment rate remained relatively unchanged at 4.2%, reflecting a stabilization after the uptick seen in July.

Is the U.S. Job Market Growing?

While the labor market is still adding jobs, the slower pace of growth may signal a period of cooling.

Job gains have not matched the more robust numbers seen earlier in the year, and the unemployment rate remains higher than the same period last year.

However, certain sectors, such as construction and healthcare, continue to show positive trends.

U.S. Unemployment Rates by Group

• Adult women: 3.7% (down from 3.8%)
• Adult men: 4.0% (unchanged)
• Teenagers: 14.1% (up from 12.4%)
• Whites: 3.8% (unchanged)
• Blacks: 6.1% (down from 6.3%)
• Asians: 4.1% (up from 3.7%)
• Hispanics: 5.5% (up from 5.3%)

Key Employment Statistics for August 2024

• The number of long-term unemployed (jobless for 27 weeks or more) remained stable at 1.5 million, accounting for 21.3% of the unemployed.
• Part-time employment for economic reasons increased slightly to 4.8 million, up from 4.6 million in July.
• Average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents to $35.21, reflecting a year-over-year increase of 3.8%.

Sectors with Notable Job Growth in August

Construction

The construction sector saw strong growth, adding 34,000 jobs, nearly double the average monthly gain over the past year.

Growth was particularly notable in heavy and civil engineering construction (+14,000) and nonresidential specialty trade contractors (+14,000).

Healthcare

Healthcare continued its expansion, adding 31,000 jobs, though this was below the sector’s average monthly gain.

The most notable increases were in ambulatory health care services (+24,000) and hospitals (+10,000).

Social Assistance

The social assistance sector continued to trend upward with an additional 13,000 jobs.

Individual and family services led the way, contributing 18,000 new positions.

August Jobs Report Summary

August’s job report points to a labor market that is still growing, but at a tempered pace.

The sectors seeing the most significant job gains—construction and healthcare—continue to show strength, while manufacturing has taken a step back.

The steady unemployment rate and moderate job growth suggest the economy is maintaining stability but may be entering a phase of slower expansion.