The US added 315,000 jobs in August. As a result, the world’s largest economy’s labor market grew slightly faster than expected. Job growth slowed after surprisingly strong growth in July. Unemployment also increased.
Economists polled by Bloomberg News expect about 300,000 new jobs in August. In July, a revised 526,000 new jobs were added. According to the US Bureau of Labor Statistics, the unemployment rate rose to 3.7 percent as more people started looking for work. A month ago, unemployment was still at 3.5 percent. Economists had expected an unchanged percentage.
Labor market conditions in the US play an important role in the Federal Reserve’s interest rate policy. A strong labor market gives the umbrella company more room to raise interest rates further. The central bank is already rapidly raising interest rates to curb skyrocketing inflation. The central bank may raise interest rates again by three-quarters of a percentage point later this month.
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