U.S. Economy Adds 142,000 Jobs in August, Driven by 34,000 New Jobs in Construction
The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) reported that the U.S. economy added 142,000 jobs in August, while the unemployment rate edged slightly lower to 4.2% from 4.3%. Notably, the job gains were largely concentrated in two sectors—construction, which added 34,000 jobs, and health care, which gained a similar number of payrolls. The 34,000 new construction jobs are higher than the average monthly gain of 19,000 over the prior 12 months. Average hourly earnings, a measure of wage growth, rose 0.4% last month and over the last 12 months, average earnings are up 3%.
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