US Labor Market Slows Down in August, Adding Only 29,000 New Jobs

The US labor market showed signs of slowing down in August, with employers adding fewer jobs than expected. According to data released by the Bureau of Labor Statistics (BLS), nonfarm payrolls increased by only 29,000 last month, falling short of all estimates in a Bloomberg survey of economists.

This marks a significant decline from the previous month's revised figures and misses expectations, which were initially forecast at around 90,000 new jobs. The unemployment rate has also risen to 4.2%, partly due to an expanding workforce.

The slowdown in job growth was attributed to declines in government, information, professional and business services, and financial activities sectors. However, health care, construction, and manufacturing added jobs, while leisure and hospitality employment increased.