U.S. Economy Adds 315,000 Jobs In August, Unemployment Rate Rises To 3.7%

Hiring eased in August, as employers added a still robust 315,000 jobs, while the unemployment rate rose 0.2 percentage points to 3.7%.

Job gains occurred in professional and business services, health care and the retail trade, while average hourly earnings rose by 10 cents to $32.36, according to the Bureau of Labor Statistics. Labor force participation increased, contributing to the rise in the jobless rate.

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But hiring slowed from the previous month, when 526,000 jobs were added. The slower growth could help assuage concerns that an overheated economy will worsen inflation. The Federal Reserve has been raising rates amid concerns that it will send the economy into a recession.

Employment is now 240,000 jobs higher than pre-pandemic, the BLS reported.

According to the data, employment in movie and sound recording dipped 3.3% to 435,300. Broadcasting employment was up 0.6% to 236,500.

Mark Zandi, chief economist for Moodys Analytics, wrote on Twitter, “The Federal Reserve should take much solace in the numbers in its battle against high inflation.”

“To be sure, the job market needs to bend more to rightly satisfy the Fed as policymakers struggle to quell wage and price pressures,” he wrote. “At a minimum, monthly job gains need to be closer to 100,000. That would be in line with labor force growth and stable unemployment.”

More to come.

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