The U.S. economy added 315,000 jobs in August, much more than economists anticipated, albeit way below July’s mega numbers, when employment surged by a revised 526,000 positions.

The nation’s unemployment rate rose to 3.7 percent as more people entered the labor market looking for work, the Bureau of Labor Statistics reported.

The labor force participation rate ticked up by 0.3 percentage points to 62.4 percent but still remains below the pre-pandemic level of 63.4 percent.

The August jobs report is among the key economic data the Federal Reserve will review when it meets later this month to decide how much to bump up its benchmark interest rate in order to stifle stubbornly high inflation. 

The Fed has been battling soaring inflation by implementing punishingly high rate hikes.

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Readers Bureau, Contributor

Edited by Jesus Chan

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