U.S. Nonfarm Payrolls Rose a Solid 328k in August but Wage Growth Slowed
2022.09.02 15:42
By Geoffrey Smith
Investing.com — The U.S. economy continued to create jobs at a solid pace in August, but wages growth slowed and the unemployment rate ticked up surprisingly, adding to tentative signs of a slight cooling off of the labor market.
Nonfarm payrolls rose by 328,000 through the middle of the month, a slowdown from July’s 526,000 but clearly ahead of consensus forecasts for a 300,000 gain.
Wage growth also eased by more than expected, with average hourly earnings rising only 0.3% rather than the 0.4% expected. That was down from 0.5% in July. As such, the annual rate of earnings growth stayed at 5.2%, well below the current rate of inflation.
The Labor Department’s monthly report also noted that the unemployment rate ticked up to 3.7% of the workforce from 3.5% in July, its highest level since February, but still close to historic lows.
