US employers hired slightly more workers than expected during August, keeping the Federal Reserve (Fed) on track for a third interest rate hike of 75 basis points this month, although the US unemployment rate rose to 3.7 percent.
Non-farm payrolls increased by 315,000 jobs last month, the report said Friday. work Department in his follow-up report on employment. While data for July was revised down slightly to show an increase of 526,000 jobs, instead of the previously reported 528,000.
This is the 20th consecutive month of job growth.
The jobs report is released a week after the Fed chairman, Jerome Powellwarned Americans of a painful period of sluggish economic growth and possibly rising unemployment as the US central bank aggressively tightens monetary policy to quell inflation.
The united states unemployment rate it is far from the minimum reached before the pandemic. In February 2020, before the impact of Covid-19 in the country, the unemployment rate stood at 3.5%, which was already a minimum for several decades.
The country has closed August with 152.74 million non-agricultural workers, which represents an increase of 240,000 jobs compared to the level of employment observed in February 2020, before the Covid-19 pandemic began to affect the country .
The number of long-term unemployed, those who have been unemployed for a minimum of 27 weeks, rose by 70,000 people, to 1.13 million unemployed. Its weight with respect to the total number of unemployed was reduced by one tenth, to 18.8 percent.
The total number of people unemployed, including agricultural jobs, rose by 344,000 unemployed in the month of August, reaching a total of 6.01 million people.
By groups of workers, the unemployment rate among adult men rose by three tenths, to 3.5%, while among women it rose two tenths to 3.3 percent. Young people (between 16 and 19 years old) registered an unemployment rate of 10.4%, 1.1 points less than in July.
The non-agricultural jobs created in the month of August are the result of the 308,000 net hirings in the private sector and the increase in staff by 7,000 people in the public sector.
By economic sectors, professional services and education and health companies increased their hiring by 68,000 people in both cases, while retail trade companies increased their workforce by 44,000 workers and hospitality and tourism companies hired 31,000 people.
The length of the median workweek fell by a tenth to 34.5 hours, while median hourly earnings rose by 10 cents to $32.26.
The Bureau has revised downwards the non-farm payroll data for June to 293,000 jobs created (105,000 less), while the data for July has been adjusted to 526,000 people (2,000 less).
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