August was a solid, albeit slower, month for hiring in the U.S.
The U.S. economy added 315,000 jobs last month, while the unemployment rate rose to 3.7 percent from 3.5 percent, the Labor Department said Friday. That was in line with expectations from economists, who were anticipating around 318,000 jobs would be added, CNBC reports.
“Notable job gains occurred in professional and business services, health care, and retail trade,” the Bureau of Labor Statistics said. The number was down from July, when 526,000 jobs were added, significantly beating expectations. It was also the lowest monthly job gain since April 2021, CNBC noted.
Still, this means the U.S. has reached a 20-month streak of job growth, despite inflation concerns, The Washington Post notes.
“Today’s jobs report shows that the job market still has some gas left in the tank,” Glassdoor lead economist Daniel Zhao said. “Job gains came in strong and despite the increase in unemployment, rising labor force participation is an encouraging sign.”