US Jobs Streak Now at 20 Months and Counting

Employers added 315K workers in August, right in line with expectations
By John Johnson,  Newser Staff
Posted Sep 2, 2022 7:54 AM CDT
US Jobs Streak Now at 20 Months and Counting
A hiring sign is displayed at a restaurant in Highland Park, Ill., in July.   (AP Photo/Nam Y. Huh)

The new monthly jobs report is out, and it shows that employers are continuing to hire, though at a slower pace than in recent months:

  • The number: Employers added 315,000 jobs in August, almost exactly in line with expectations. That's down from 528,000 in July and the average of 471,000 through this year, per the Wall Street Journal. But it still marks 20 straight months of gains despite strong inflation, notes the Washington Post.
  • The rate: The unemployment rate edged up to 3.7% from the historically low mark of 3.5%.
  • The market: Stock futures were flat before the report came out, but they rose in the wake of its release, suggesting the market is pleased with what it saw. Dow futures were up more than 200 points, about 0.6%.

  • The stakes: As CNBC notes, this particular jobs report was being closely watched because it's one of the last major pieces of data the Federal Reserve will get before its September meeting.
  • The effect: That the pace of new hiring slowed might sound like bad news, but the AP explains that isn't necessarily so in this case. "A weaker pace of hiring should help moderate wage increases and lift hopes that inflation pressures are starting to ease," writes Christopher Rugaber. "That, in turn, would help the Fed make progress toward its goal of conquering high inflation, which is near a four-decade high."
(Read more jobs report stories.)

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