Sluggish US jobs report clears the way for Federal Reserve to cut interest rates
FILE - A linesman works on power lines under the morning sun, July 12, 2024, in Phoenix. (AP Photo/Matt York, File)
WASHINGTON (AP) — Hiring by America’s employers picked up a bit in August from July’s tepid pace, and the unemployment rate dipped for the first time since March in a sign that the job market may be cooling but remains sturdy.
Employers added a modest 142,000 jobs, up from a scant 89,000 in July, the Labor Department said Friday. The unemployment rate ticked down to 4.2% from 4.3%, which had been the highest level in nearly three years. Hiring in June and July, though, was revised sharply down by a combined 86,000. July's job gain was the smallest since the pandemic.
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