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  • Writer's pictureBy The Financial District

U.S. Employers Added 187,000 Jobs In August 2023

US employers added 187,000 jobs in August, a steady pace of hiring, and the unemployment rate rose to 3.8%, the New York Times reported.

The Labor Department's report showed that the unemployment rate rose from 3.5% to 3.8%, the highest level since February 2022 though still low by historical standards.



The Labor Department numbers reflected the impact of high interest rates and the US economy’s gradual cooling from the boom that followed pandemic lockdowns.


Reporting for the Associated Press (AP), Paul Wisemen wrote that the development showed a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed.



The job growth marked an increase from July’s revised gain of 157,000 but still pointed to a moderating pace of hiring compared with earlier this year. From June through August, the economy added 449,000 jobs, the lowest three-month total in three years.

Friday’s report from the Labor Department showed that the unemployment rate rose from 3.5% to 3.8%, the highest level since February 2022 though still low by historical standards.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

But the rate rose for an encouraging reason: A sizable number of people — 736,000 — began looking for work last month, the most since January, and not all of them found jobs right away.


Only people who are actively looking for a job are counted as unemployed.





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