The U.S. added more jobs than expected in August, a sign of resilience for a labor market under pressure from Federal Reserve interest rate hikes. Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday.
However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022. That increase came as the labor force participation rate increased to 62.8%, the highest since February 2020, just before the Covid pandemic declaration.
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August jobs report is out:
• +187,000 net new jobs
• Unemployment rate up to 3.8%
• Average hourly earnings up 0.2%
• June/July job revisions down 80K + 30K respectivelyhttps://t.co/7RveVt3n6c pic.twitter.com/vLgygL2zqa
— The Recount (@therecount) September 1, 2023
Breaking: Hiring cooled this summer as employers added 187,000 jobs last month. The unemployment rate rose to 3.8%. https://t.co/XslUxpDYGG
— The Wall Street Journal (@WSJ) September 1, 2023