The Bureau of Labor Statistics (BLS) reports that U.S. employers expanded payrolls by 142,000 jobs last month, falling short of economists’ expectations of 161,000 jobs.The August jobs report also notes that the U.S. economy saw 86,000 fewer jobs added than previously reported for June and July combined.
The national unemployment rate was 4.2% last month, down slightly from 4.3% in July.The unemployment rate for college-degreed workers rose to 2.5% in August, up from 2.3% in July. These professionals are the most highly sought-after workers by employers.
Employers in education and health services added 47,000 jobs last month. The leisure and hospitality industry saw similar gains, adding 46,000 positions.The construction and government industries reported notable job growth, as well, with employers adding 34,000 and 24,000 positions, respectively.Employers in these industries also expanded their payrolls in August:Financial activities: 11,000 jobs addedProfessional and business services: 8,000 jobs addedTransportation and warehousing: 7,900 jobs addedWholesale trade: 4,900 jobs addedIndustries that experienced payroll contraction last month included manufacturing (-24,000 jobs) and retail trade (-11,100 jobs).
In its latest Job Openings and Labor Turnover Survey (JOLTS), the BLS reports that there were 7.7 million open roles in the U.S. on the last business day of August. In July, that figure was 8.2 million.While the latest JOLTS report confirms that the number of job openings in the nation has normalized to pre-pandemic levels, many companies continue to face hiring challenges — including locating highly skilled talent to support key initiatives.According to Robert Half’s State of U.S. Hiring Survey, company growth is a top factor influencing hiring decisions for 57% of employers. Our survey findings show that many employers plan to expand their payrolls before the end of the year. Just over half (52%) of companies are looking to add new permanent positions, while 42% are hiring to staff vacated positions.The State of U.S. Hiring Survey also found that many employers intend to leverage a scalable talent model in the months ahead as a way to bridge skill gaps, keep projects moving forward and ease the burden on their core teams. Fifty-seven percent of companies plan to increase the number of contract professionals on staff in the second half of this year. Meanwhile, the pool of skilled talent available for hire is likely to remain shallow as fewer workers seek new jobs. Top factors for employees staying put include satisfaction with their current levels of compensation and work flexibility, and general hesitation about starting over at a new company while uncertainty persists in the economy.
Check out Robert Half’s newly updated Demand for Skilled Talent report for the latest insight on trends in the hiring market, including companies’ hiring plans for the second half of 2024. Learn about the issues that keep managers up at night, three avoidable hiring mistakes, how employers are addressing skills gaps and more.
The Salary Guide From Robert Half features exclusive data and input from employers and workers, and from our recruiters who staff tens of thousands of jobs each year. Our guide is designed to be a go-to resource on the latest hiring and compensation trends for both employers and job seekers. You can view it right now, for free, on the Robert Half website.
