U.S. Job Growth Moderately Rises in August, Unemployment Holds Steady at 4.2%

In August 2024, the U.S. job market saw a moderate increase in nonfarm payroll employment with 142,000 new jobs added, reflecting a steadying phase of economic growth. The unemployment rate remained unchanged at 4.2%, signaling a stabilizing job market, according to the latest Employment Situation press release of the U.S. Bureau of Labor Statistics.

The August increase in nonfarm payroll employment is modestly higher than in July when it grew by 114,000. Sectors like health care and construction continued to expand in July, the previous BLS Employment Situation Report said, even as the number of long-term unemployed remained stable.

Employment Trends and Demographic Insights

The August figures represent a slight shift from the more robust growth of the previous year, with both the number of employed individuals and the labor force participation rate holding steady at 161.4 million and 62.7% respectively. The stability in unemployment figures comes despite fluctuations across different demographic groups. Notably, unemployment rates for adult men and women stood at 4.0% and 3.7%, while teenagers faced a significantly higher rate of 14.1%.