WASHINGTON, Sept 1 — Hiring in the United States logged a surprise jump last month, government data showed today, but unemployment rose to the highest level since early 2022...
WASHINGTON, Sept 1 — Hiring in the United States logged a surprise jump last month, government data showed today, but unemployment rose to the highest level since early 2022 as the economy shows signs of cooling.
The uptick in job gains came as employment figures for June and July were both revised downwards, and the numbers overall signal a steady pace of hiring while the labour market shows signs of easing. On Friday, Labor Department data showed that average hourly earnings in August rose 0.2 per cent, slower than the month before.
And the number of “new entrants” among the unemployed, referring to people with no prior work experience, edged up as well, according to Friday’s report.“Payroll employment increased in August, but with the markdowns in the rate of job growth for June and July noted in this report, the cumulative effect is a noticeable slowdown in the job market,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association.
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