Key Points:
The August unemployment rate fell to 4.2% from 4.3% in July – the first monthover-month decrease since March.
- One supportive factor in August was a sharp 18% decrease in the number ofworkers on temporary layoff.
- July saw a 31% monthly increase in the number of workers on temporary layoff.
Unemployment Trends
According to the Job Openings and Labor Turnover Survey (JOLTS), the numberof job openings per unemployed worker dipped below 2019 average levels for thefirst time since mid-2021.
- The labor market in 2024 has been characterized by relatively lowlayoff/discharge rates alongside a relatively slow rate of hiring.
- The hiring rate rose to 3.5% from the cyclical low of 3.3% seen last month,though the pace of hiring has been sluggish compared with the 3.9% 2019average.
- The layoff/discharge rate stands at 1.1% vs a 1.2% average in 2019.
Job Openings vs Unemployment
.png)
