Financial News: U.S. Employment Climbs Less Than Expected In August

U.S. Employment Climbs Less Than Expected In August

09/06/2024 - 08:40:00 (RTTNews)

(RTTNews) - Employment in the U.S. rose by less than expected in the month of August, according to a closely watched report released by the Labor Department on Friday.

The Labor Department said non-farm payroll employment climbed by 142,000 jobs in August compared to economist estimates for an increase of 160,000 jobs.

The report also said the increases in employment in June in July were downwardly revised to 118,000 jobs and 89,000 jobs, respectively, reflecting a net downward revision of 86,000 jobs.

Meanwhile, the Labor Department said the unemployment rate edged down to 4.2 percent in August from 4.3 percent in July.

The modest decrease, which was in line with estimates, came after the unemployment rate reached its highest level since October 2021.

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