Despite a slowing in employment growth, labor markets generally remained strong in August. The unemployment rate fell to a 29-year low of 4.2%. Employment growth declined significantly from a healthy 310,000 jobs in July to only 124,000 in August. Although it fell short of expectations, employment growth has increased by over 2% for the last two months, suggesting that the economy will remain robust.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-09, pp. 11, 09.01.1999.