US unemployment rate rises to 3.7% in August

Economy added 315,000 new jobs

The US unemployment rate rose to 3.7% in August from 3.5% in July, despite adding 315,000 new jobs.

The Bureau of Labor Statistics reported today (2 September) that the rise in unemployment was slightly above the consensus of 3.5%, mainly due to nearly 800,000 new people entering the workforce. While labour market growth slowed, it is still very tight. Data published earlier this week showed that there are about two job vacancies for every unemployed worker, suggesting little softening. The 315,000 jobs created in August compares with the downwardly revised 526,000 new jobs in July. Rishi Sunak warns of UK economy confidence drop Meanwhile, average hourly earnings cont...