By Tom Burnett CFA
On September 6, 2024, the Bureau of Labor Statistics issued its Employment Report for August. Total employment increased by 142,000 from the prior month and now stands at 158.8 million. The unemployment rate fell from 4.3% to 4.2%, but is still higher than the 3.8% rate of one year ago. Job seekers now total 7.1 million, compared to 6.3 million a year ago. Over the past year, the economy has averaged monthly gains of 202,000.
Manufacturing employment fell by 24,000 in August, but is little changed for the 2024 year.
Average hourly earnings for nonfarm payroll workers rose by $0.14 to $35.21, up by 3.8% from a year ago.
Revisions to the June/July data totaled a reduction of 86,000 from previous reports.
The next Employment Report will be issued on October 4, 2024.
Tom Burnett CFA is Director of Research