US job growth moderates in August with 315,000 added while unemployment edges higher

U.S. job growth moderated in August from a torrid pace the previous month, but hiring remained solid despite growing headwinds from higher interest rates, scorching-hot inflation and mounting recession fears.

Employers added 315,000 jobs in August, the Labor Department said in its monthly payroll report released Friday, in line with the 300,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, unexpectedly ticked up to a six-month high of 3.7% as the labor force participation rate increased.  

Job gains were broad-based in August, with professional and business services leading the way in hiring, adding 68,000 new workers. That was followed by health care (48,000), retail trade (44,000) and manufacturing (22,000). Employment in financial activities climbed by 17,000.