Despite slowing economy, the US adds 315,000 New jobs

There was a downward revision to July's revised 526,000 job additions, which led to the economy adding 315,000 new jobs in August.

The unemployment rate rose from 3.5 percent to 3.7 percent, according to the Bureau of Labor Statistics. A jobless rate of 3.5% and new job creation of 300,000 were forecast by economists.

A total of 293,000 jobs have been added to nonfarm payrolls in the past month, which is a 105,000 increase from 398,000 in June. In addition, the July report was revised by 2,000 to 526,000.

The BLS reports that professional and business services created 68,000 jobs in August, followed by health care (48,000), and retail (44,000). A 22,000-job increase was recorded in manufacturing, and a 6,000-job increase was recorded in mining. A total of 17,000 new jobs were created in the financial activities sector.

Construction, transportation, and warehouses, information, and government all reported little change in employment levels.

3 Sep 2022