Employment: September 2024

Mild Unemployment Dip Eases Recession Fears 

While Job Growth Remains Tepid

Joblessness pulled back for the first time since March. National unemployment fell by 10 basis points month-over-month to 4.2 percent in August, alleviating some recession concerns following a notable jump in July. Driving the August decline was a moderation in the number of people on temporary layoff. The 190,000-person decline reversed an uptick from the prior month and implies more people in this situation were able to find alternative positions. Still, unemployment remained 40 basis points above the same point from last year, as job growth has cooled down. The 142,000 personnel added in August represents a three-month high, yet trailed the past year’s average by roughly 60,000 roles. Government, leisure and hospitality, construction, and education and health services combined for 151,000 jobs created in August. However, a 24,000-headcount reduction in the manufacturing segment weighed on the overall expansion.

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