The US labor market continues to slow.
The August jobs report released Friday by the the Bureau of Labor Statistics (BLS) showed there were just 22,000 new jobs added to the economy last month, far fewer than forecast and the latest sign that the US labor market slowed down through the summer. The unemployment rate rose to 4.3% in August.
Economists had expected the report to show 75,000 jobs created last month, with the unemployment rate forecast to rise to 4.3%, according to Bloomberg data.
In July, the economy created 73,000 new jobs. Those figures were revised on Friday to show 79,000 jobs created during the month. Revisions to June’s data, however, were more negative, with those numbers now showing 13,000 jobs lost during the month. Revisions in early August had brought June’s job growth down to 14,000.