U.S. Job Growth in August
U.S. job growth in August was weaker than expected, with the economy adding 142,000 jobs, lower than the forecast of 160,000. Prior months' job growth was also revised down. Unemployment rate dipped to 4.2% from 4.3% in July. Average hourly earnings increased by 0.4% to $35.21, with a 3.8% increase over the past year.
Key Points
- 142,000 jobs added in August
- Unemployment rate at 4.2%
- Average hourly earnings increased by 0.4% to $35.21
Pros
- Unemployment rate decreased to 4.2%
- Average hourly earnings increased by 3.8% over the past year
Cons
- Job growth was weaker than expected
- Manufacturing sector shed 24,000 jobs