Labor Dept Reports 315K New Jobs Added In August

USA Today reports:

Hiring slowed sharply in August but remained sturdy as employers added 315,000 jobs despite softer consumer spending gains, rising interest rates and a sputtering economy. The unemployment rate rose from 3.5% to 3.7%, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that 300,000 jobs were added last month.

Many experts reckoned August finally would mark the start of a slowdown in payroll growth after the U.S. recovered all 22 million jobs wiped out in the pandemic the prior month. So far this year, the labor market has averaged more than 450,000 monthly payroll gains, shrugging off a shrinking economy, soaring inflation, and mounting recession fears.

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