U.S. hiring stalls with just 22,000 jobs added in August
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.