Hiring fell in August as employers added 315,000 jobs, still strong, while the unemployment rate rose 0.2 percentage points to 3.7%.
Average hourly earnings rose 10 cents to $32.36, while job earnings were in the professional and business services, healthcare, and retail industries, according to the Bureau of Labor Statistics. Labor force participation increased, which contributed to the increase in the unemployment rate.
However, hiring slowed compared to the previous month when 526,000 jobs were added. Slow growth could fuel concerns that an overheated economy will worsen inflation. The Federal Reserve increased rates as it thought it would plunge the economy into recession.
The BLS reports that employment is now 240,000 more jobs than before the pandemic.
According to the data, employment in cinema and sound recordings decreased by 3.3% to 435,300. Publishing employment increased by 0.6% to 236,500.
Mark Zand, chief economist at Moodys Analytics, wrote on Twitter: “The Fed must calm the numbers to combat high inflation.”
“As politicians try to quell wage and price pressures, it’s certain that the labor market will have to lean more to suit the Fed,” he wrote. “At least the monthly work input should be up to 100,000. This is consistent with growth in the workforce and stable unemployment.”
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Source: Deadline
Lloyd Grunewald is an author at “The Fashion Vibes”. He is a talented writer who focuses on bringing the latest entertainment-related news to his readers. With a deep understanding of the entertainment industry and a passion for writing, Lloyd delivers engaging articles that keep his readers informed and entertained.
