US unemployment holds steady at 4.2% in August

US unemployment held steady at 4.2 per cent in August, while the economy added 142,000 jobs. Despite the unchanged unemployment rate, the number of unemployed people increased to 7.1 million, compared to 6.3 million a year ago when the jobless rate was 3.8 per cent.

Key job gains occurred in the construction and healthcare sectors. Construction employment increased by 34,000 jobs, driven by heavy civil engineering and nonresidential specialty trade contractors. Healthcare added 31,000 jobs, though growth was slower compared to the previous year’s average of 60,000 monthly gains.

Manufacturing jobs fell by 24,000 in August, with durable goods industries seeing the largest losses. Other major industries, including retail, mining, and financial activities, saw little change in employment.

Average hourly earnings rose by 0.4 per cent to $35.21, showing a 3.8 per cent increase over the past year. Meanwhile, the average workweek for private-sector employees increased slightly to 34.3 hours.

Revisions to June and July job numbers showed 86,000 fewer jobs than previously reported, signaling further weakness in the labor market.

Attribution: Bureau of Labor Statistics (BLS).

Subediting: Y.Yasser