August saw a slowdown in hiring, but the job market is still robust! In August, the economy added 315,000 jobs, exceeding economists' predictions but far short of the shockingly high 526,000 jobs added in July, according to the latest report.
The nation's Job force participation rate increased by 0.3 percentage points to 62.4 percent, and the unemployment rate increased to 3.7 percent from 3.5 percent.
The Federal Reserve will consider the August jobs report among the important economic data when it meets later this month to determine how much to raise its benchmark interest rate in order to curb persistently high inflation.
USA Jobs The Fed has been battling the highest inflation in 40 years by implementing punishingly high rate hikes.
While the economy is slowing and certain industries such as housing are showing softening amid a series of hefty rate hikes, the job market has remained strong a little too strong for the Fed's liking.
USA Jobs Fed chairman Jerome Powell said last week the job market is "clearly out of balance, with demand for workers substantially exceeding the supply of available workers."
The number of job openings hit 11.2 million in July, an increase of 700,000 from June, according to the Bureau of Labor Statistics. The average monthly job gains are robust, but the Fed wants the economy to move at a steady pace.