The U.S. added more jobs than expected in August, a sign of resilience for a labor market under pressure from Federal Reserve interest rate hikes.
Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday.
However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022. That increase came as the labor force participation rate increased to 62.8%, the highest since February 2020, just before the Covid pandemic declaration.
Average hourly earnings increased 0.2% for the month and 4.3% from a year ago. Both were below respective forecasts of 0.3% and 4.4%.
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