Unemployment in US increases to six-month high: Official report
Official data by the administration of US President Joe Biden shows that more people were unemployed in the United States in August compared to the month before, and that the jobless rate for last month was the highest in six months.
According to figures released in a closely watched employment report by the Labor Department on Friday, the unemployment rate in the US increased to 3.7% from a pre-pandemic low of 3.5% in July.
That rise was in part because 786,000 people entered the labor force.
Also, 315,000 non-farm jobs were created last month, marking the 20th straight month of job growth.
The increase in August hiring was led by the professional and business services industry, which added 68,000 jobs. Healthcare payrolls increased by 48,000 jobs.
The Labor Department report came a week after Fed Chair Jerome Powell warned Americans of a painful period of slow economic growth and possibly rising unemployment as the Central Bank aggressively tightened monetary policy to quell inflation.
Inflation in the US hit a 40-year high in March and is currently hovering around 8.5 percent. In recent weeks, Biden has signaled a willingness to tweak tariffs on Chinese imports in order to ease inflation. The president has described combating inflation as his “top domestic priority” and the White House has been searching frantically for remedies.
According to the Friday report, wage growth slowed down, with average hourly earnings rising 0.3% after increasing 0.5% in July. That left the annual increase in wages at 5.2% in August.
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