The unemployment rates rose slightly from 3.5% to 3.7% amid a sputtering economy and rising interest rates.
Professional and business services led the August advances with 68,000. Healthcare added 48,000 jobs; retail, 44,000; and manufacturing, 22,000.
In August, average hourly earnings rose 10 cents, keeping the annual increase unchanged at a still-hefty 5.2%. And some industries, like restaurants and bars, are still well below their pre-COVID employment levels and struggling to catch up as Americans resume dining out, traveling and other activities in larger numbers. For now, the robust job numbers mean more household income and spending, insulating the economy from a recession, at least in the short term.
While the labor market remains strong, most employees who were laid off in spring 2020 have been rehired, leaving less space for outsize employment gains in the months ahead. Also, aggressive Federal Reserve interest rate hikes to fight inflation have been expected to eventually dampen business hiring and investment.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Hiring Slowed In August As Employers Add 315,000 JobsThe unemployment rate rose to 3.7%, from a half-century low of 3.5% in July, as more Americans came off the sidelines to look for jobs.
Read more »
US: Weaker jobs report in all the right ways – Wells FargoThe US official employment report showed the US economy added 315K jobs in August, slightly above expectations of 300K; the unemployment rate rose une
Read more »
US unemployment rate rises to 3.7%, economy continues to add jobsMore Americans decided to rejoin the labor market in August. Nearly 600,000 more Americans are employed or looking for work.
Read more »
US job growth moderates in August with 315,000 added while unemployment edges higherThe Labor Department's August jobs report provided a key snapshot of the labor market's health amid growing fears that the U.S. is headed for a recession.
Read more »
Stock Market News Today: Dow Jones Down 337 Points After August Jobs Report, Oil Prices JumpFollow The Wall Street Journal’s full markets coverage, as investors await the labor market report for August.
Read more »