Hiring unexpectedly picked up in August as employers added 187,000 jobs despite high interest rates and inflation but totals for the prior two months were revised down sharply.
The unemployment rate, which is calculated from a separate survey of households, rose from 3.5% to 3.8%, the Labor Department said Friday. That's because of a surge of Americans into the labor force, which includes people working and looking for jobs.
Economists surveyed by Bloomberg had estimated that 168,000 jobs were added.
Yet payroll growth for June and July was revised down by a whopping total of 110,000, portraying a much weaker picture of employment growth over the summer than previously thought. And job gains in August expected to be affected by several unusual crosscurrents last month, making it tough to discern if the latest numbers reflect overall hiring trends or one-offs.
Jobs report: 187,000 jobs added in August as unemployment rises to 3.8%
U.S. employers added 187,000 jobs in August as hiring picked up. Unemployment rose to 3.8%. June and July job gains were revised down by a total 110K.
www.usatoday.com
U.S. inflation rate creeps higher, PCE finds, leaving Fed with more work to do
MSN
www.msn.com
Where's JoeB131 touting those and yesterday's core inflation numbers?
No growth Biden strikes again.
The world wonders.