(AURN News) — The U.S. labor market showed mixed signals in August, with a slight decrease in unemployment offset by slower job growth, according to the latest report from the Labor Department released Friday. The unemployment rate edged down to 4.2% from July’s 4.3%, but job creation fell short of expectations. The economy added just 142,000 jobs last month, a figure that raises concerns about the pace of economic expansion.
The total number of unemployed Americans now stands at 7.1 million, a stark contrast to the same period last year when the unemployment rate was 3.8% with 6.3 million people out of work. Racial disparities in employment persist, with the Black unemployment rate remaining the highest at 6.1%. This compares to 3.8% for whites, 4.1% for Asians, and 5.5% for Hispanics.
Construction and healthcare sectors continued to be bright spots in the job market. Construction added 34,000 jobs in August, significantly outpacing its 12-month average of 19,000 jobs per month. Healthcare contributed 31,000 new positions, although this represents only half of the sector’s robust monthly average of 60,000 jobs over the past year. Manufacturing, however, took a hit, shedding 24,000 jobs in August.
On a positive note, wages continued their upward trajectory. Average hourly earnings rose by 14 cents to $35.21, representing a 3.8% increase over the past year.
Click play to listen to the AURN News report from Jamie Jackson:
