Array
The US added another 315,000 jobs in August as the jobs market remained strong amid signs of a worsening economy.
The US jobs market lost 22m jobs in early 2020 at the start of the pandemic but roared back after the Covid lockdowns ended. It has remained strong despite four-decade high rates of inflation and slowing economic growth. In July, the US unexpectedly added 528,000 new jobs, restoring employment to pre-pandemic levels.
The unemployment rate ticked up to 3.7% in August from 3.5% in July but is still close to a 50-year low.
The remarkable strength of the jobs market has spurred the Federal Reserve to sharply increase interest rates in the hopes of cooling the economy and bringing down prices.
Last week the Fed chair, Jerome Powell, made clear the Fed intends to keep raising rates sharply as the central bank struggles to tamp down inflation.
