Summary
U.S. employers added 22,000 jobs in August, which was lower than expected and fewer than in July. The unemployment rate increased to 4.3% and concerns arise regarding economic policies and job market stability. Tariffs and past interest rate hikes may be affecting hiring decisions.
Key Facts
- U.S. employers added 22,000 jobs in August, down from 79,000 in July.
- Economists expected about 80,000 new jobs for August.
- The unemployment rate increased to 4.3%, the highest since 2021.
- Factories cut 12,000 jobs, construction companies lost 7,000 jobs, and the federal government lost 15,000 jobs in August.
- Health care and social assistance added nearly 47,000 jobs.
- The job market is growing slower than previous years, averaging fewer than 75,000 new jobs a month this year.
- Tariffs and interest rate hikes are contributing to hiring uncertainty.
- Average hourly earnings rose by 0.3% from July and 3.7% from August 2024.
