US Economy Added 315,000 Jobs in August

The U.S. economy added 315,000 jobs in August, according to the Labor Department.

Economists surveyed by sources across the political spectrum expected 318,000 jobs to be added. The unemployment rate rose 0.2 percentage points from July to 3.7%. Professional and business services (68,000), health care (48,000) and retail (44,000) were the industries with the biggest monthly job gains. There are now 240,000 more jobs than there were in February 2020, right before the start of the COVID-19 pandemic.

The labor force participation rate increased by 0.3 percentage points from July to 62.4%, but remains 1.0 percentage point below its February 2020 level. The number of people not in the labor force who currently want a job fell by 361,000 to 5.5 million in August, but remains above its February 2020 level of 5 million. 

News outlets across the political spectrum covered the August jobs report similarly, framing it as a positive sign for the economy amid high inflation. Fox Business reported that "hiring remained solid despite growing headwinds from higher interest rates, scorching-hot inflation and mounting recession fears." The Washington Post reported that "strong job growth" is powering the U.S. economy "through ominously high inflation."