The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) reported that the U.S. economy added 142,000 jobs in August, while the unemployment rate edged slightly lower to 4.2% from 4.3%. Notably, the job gains were largely concentrated in two sectors—construction, which added 34,000 jobs, and health care, which gained a similar number of payrolls. The 34,000 new construction jobs are higher than the average monthly gain of 19,000 over the prior 12 months. Average hourly earnings, a measure of wage growth, rose 0.4% last month and over the last 12 months, average earnings are up 3%.
