The Bureau of Labor Statistics (BLS) August 2024 Jobs Report shows that the unemployment rate edged down slightly to 4.2%, compared to 4.3% in July. According to the report, payroll employment increased by 142,000. The number of unemployed people is currently at 7.1 million, slightly down from 7.2 million the month prior.
The unemployment rate for college-degreed professionals 25 years and older increased to 2.5% compared to 2.3% the prior month. The unemployment rate for job seekers with some college or an associate saw a slight decrease from 3.5% to 3.4%.
The labor force participation rate stayed the same at 62.7% in August and has changed little for the year. The employment-population ratio was also unchanged at 60%.
In August, employment trended up in the categories of construction and health care.
Jobs added by industry:
- Construction: 34,000 jobs added
- Health Care: 31,000 jobs added
- Social Assistance: 13,000 jobs added Health Care: 55,000 jobs added
Employment showed little change over the month in other major industries, including manufacturing; wholesale trade; retail trade; transportation and warehousing; information; financial activities; professional and business services leisure and hospitality; and other services.
Wage Growth Increases by 14 Cents
In August, average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents to $35.21. Average hourly earnings were up by 0.4% in August and 3.8% over the past 12 months.
Reimagining how we hire and retain employees.
The hiring market remains challenging and finding and retaining employees continues to be top of mind for many employers. At Roth Staffing Companies, we are reimagining how we hire and how employees stay engaged by leveraging our new strengths finder tool, TalentSet, powered by The Coffman Organization. TalentSet uncovers one’s top talents and gives insight into what motivates someone or drives momentum, something you can’t uncover from a resume or online profile.
We are a resource for your hiring and staffing needs.
Whether it’s administrative, legal, technology or finance and accounting staff, we’re ready to help. Contact one of our locations to set up a complimentary consultation to discuss your hiring plans and challenges today.
When it comes to hiring, don’t disregard the importance of Soft Skills
Technical skills are important to get the job done, but increasingly important to success are soft skills like communication, leadership, and empathy.
Check out our eBook – Soft Skills: The critical factor in hiring talent to move your business forward. Download our guide here.
Visit our website to learn more about Roth Staffing Companies, including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent for your administrative & office, finance & accounting, legal, and technology staffing and recruitment needs.
Sources: BLS
