Job growth moderated from a torrid pace the previous month, as growing headwinds from higher interest rates, scorching-hot inflation and mounting recession fears took hold. Employers added 315,000 jobs in August, in line with the 300,000 jobs forecast by Refinitiv economists. That marks the lowest monthly gain since April 2021 and is a major decline from the 526,000 jump recorded in July.
"If there’s one key surprise in these headline numbers, it is that the nation’s unemployment rate ticked up 0.2% to 3.7%, said Mark Hamrick, senior economic analyst at Bankrate.com. "The number of unemployed persons rose by 344,000 to 6 million.""Still to come this month, key measures of inflation, which will also help set the table for FOMC members eager to raise interest rates.