WASHINGTON, D.C. — Total U.S. nonfarm payroll employment rose by 315,000 in August, and the unemployment rate ticked up to 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). While in line with Dow Jones economist estimates of 318,000 jobs, August represents the second-lowest monthly gain since April 2021, according to CNBC. Additionally, the 20-basis-point increase in the unemployment rate is the first monthly hike this year.
The change in total nonfarm payroll employment for June was revised down by 105,000 jobs, from 398,000 to 293,000, and the change for July was revised down by 2,000, from 528,000 to 526,000, according to the BLS.
Professional and business services led all employment sectors in hiring with 68,000 added jobs in August. Healthcare employment rose by 48,000, the retail sector added 44,000 jobs, manufacturing added 22,000 and financial activities added 17,000 jobs. Employment rose in the leisure and hospitality sector by 31,000, which is down significantly from its monthly average in 2022 of 90,000 jobs.