Bureau of Labor Statistics (BLS) quarterly employment report

US Economy Adds 99,000 Jobs in August, Native-born Workers Lose 1.3 Million Jobs

Sep 6, 2024, 01:03 PM

The latest jobs report for August 2024 reveals a concerning trend in the U.S. labor market. According to ADP's National Employment Report, only 99,000 jobs were added in August, falling short of economists' estimates of 145,000 and fewer than the 122,000 jobs added in July. This marks the fifth consecutive month of declining payroll numbers. Additionally, the Bureau of Labor Statistics (BLS) report indicates a net loss of jobs, with 86,000 jobs subtracted from previous estimates. Over the past year, native-born Americans have lost 1.3 million jobs, while foreign-born workers have gained 1.2 million jobs. The labor force participation rate for native-born Americans has also decreased, with 768,000 leaving the workforce, while 1.5 million foreign-born workers have joined. In August alone, foreign-born workers gained 635,000 jobs. The data highlights the challenges facing the Biden-Harris administration as they navigate an economy that appears to be struggling to recover.