09/08/2023

Latest Numbers on Job Growth Show a Resilient U.S. Economy

The economy has created about 13.9 million jobs since January 2021

Expectations heading into this morning showed projections of about 170,000 new jobs having been added in the United States in August. As it turns out, according to the new report from the Bureau of Labor Statistics, the job market slightly exceeded that level. CNBC reported:

"Non-farm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday. However, the unemployment rate was 3.8 percent, up significantly from July and the highest since February 2022, and non-farm payrolls estimates for previous months showed sharp downward revision."

At first blush, the fact that the unemployment rate inched higher might seem discouraging, but let’s not forget that these shifts aren’t always bad news: Amid a surprisingly strong job market, more people seek employment, which has the effect of pushing the rate higher.

Please select this link to read the complete article from NBC News.