Labor market added 315,000 jobs in August, a bright spot in the economy

The U.S. labor market added 315,000 jobs in August, hitting a 20-month streak in strong job growth that’s powering an economy through ominously high inflation.

The unemployment rate ticked up slightly to 3.7 percent, according to a monthly jobs report released by the Bureau of Labor Statistics on Friday, with 344,000 more people unemployed than the previous month.

The August jobs gains were the lowest monthly pick-up so far this year, but the labor market remains an area of strength for the economy, especially as the Federal Reserve raises interest rates to rein in blistering inflation.

The biggest gains were in professional and business services, which added 68,000 jobs in August, with strong gains in computer systems design, management and technical consulting, and architectural and engineering services.