The United States employers have created 187,000 jobs in August though the unemployment rate has hyped, the labor department reported today slightly beating the 170,000 jobs forecast by Definitive economists.
At the same time, a separate report based on a survey of households, offered a slightly different picture of the labor market. The report indicated the unemployment rate climbed to 3.8% from 3.5%, even though the labor force participation rate rose last month. It marked the highest jobless rate since February 2022 and the biggest increase since the early days of the COVID-19 pandemic.
This reflects the impact of high interest rates and the U.S. economy’s gradual cooling from the boom that followed pandemic lockdowns. The data, reported by the Labor Department, is the latest indication that while hiring has weakened, there is no sign of an imminent recession that would result in widespread joblessness.
The unemployment rate, at 3.8 percent, is still low, but the rise from 3.5 percent in July was notable. The job growth figures for June and July were revised down by a combined 110,000 jobs, contributing to a picture slightly weaker than it previously appeared.
