America’s employers slowed their hiring in August in the face of rising interest rates, high inflation and sluggish consumer spending, all of which weakened the outlook for the economy.
that last month's job gain was down from 526,000 in July and below the average gain of the previous three months. The unemployment rate rose to 3.7%, from a half-century low of 3.5% in July, as more Americans came off the sidelines to look for jobs.
Average hourly pay rose 10 cents to $32.36 in August, an increase of 5.2% from a year ago. That is still higher than Fed officials want to see. Some have said they would prefer for wages to be rising at a pace closer to 3% to help rein in rising prices.Most industries added workers last month, with the biggest increases in professional and business services, which gained 68,000 jobs. That sector includes architects, engineers and some tech workers.
Wages are rising at their fastest pace in decades as employers scramble to fill jobs at a time when fewer Americans are working or seeking work in the aftermath of the pandemic. Average hourly pay jumped 5.2% in July from a year earlier. Still, that was less than the 5.6% year-over-year in March, which was the largest annual increase in 15 years of records outside of the spring of 2020, when the pandemic struck.
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