US unemployment ticks up in August to 3.8%

Labour market cooling

US unemployment rose to 3.8% in August, coming in above expectations that it would remain steady at its historic low of 3.5%.

The Bureau of Labor Statistics reported today (1 September) that total nonfarm payroll employment increased by 187,000 throughout the month, also above analyst predictions of 170,000. Despite overshooting expectations, the number of new jobs added represented the third consecutive month of gains below 200,000, as the Federal Reserve continues in its quest to cool the labour market to tame inflation. 'Weaker than expected' US GDP grows 2.1% in second quarter of 2023 Figures for July and June were also revised lower by a combined 110,000 by the BLS. Average hourly wages rose 0.2% fro...