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The United States unemployment rate increased sharply in August as the summer of 2023 neared a close with a job market in slow-down mode.
According to the Bureau of Labor Statistics reports released on Friday, the unemployment rate was 3.8 percent, which is up significantly from July and is the highest since February last year.
Reports have it that Non-fund payroll estimate for previous months showed a sharp downward revision that increasing jobless level came as the labor force participation rose to 62.8 percent which is the highest since February 2020 just before the covid declaration.
However, policymakers have been struggling to cool the economy and inflation with the Federal Reserve lifting interest rates rapidly
Meanwhile, a relatively strong labor market has added to hopes that the United States can bring inflation down without tipping the economy into a recession.
On Friday, Labor Department data showed that average hourly earnings in August rose 0.2 percent, slower than the month before.
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