U.S. Job Growth Remained Solid in August
It marked the twentieth straight month of job growth
U.S. employers hired more workers than expected in August, marking the 20th straight month of job growth. However, moderate wage growth and a rise in the unemployment rate to 3.7 percent could ease pressure on the Federal Reserve to deliver a third 75 basis point interest rate hike this month.
The Labor Department's closely watched employment report on Friday also showed a dip in the average workweek. The increase in the unemployment rate came as more than 700,000 entered the labor market, pushing the size of the labor force to a record high. The overall strength in the labor market underscores the economy's resilience, despite the front-loading of rate hikes by the U.S. central bank that have raised the risk of a recession.
Last week, Fed Chair Jerome Powell warned Americans of a painful period of slow economic growth and possibly rising unemployment as the central bank aggressively tightens monetary policy to quell inflation.
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