U.S. employment increases by 315,000 jobs in August

The U.S. economy added 315,000 nonfarm payrolls in August, according to the Bureau of Labor Statistics, and the unemployment rate ticked up to 3.7 percent. In addition, the employment totals for June and July were revised downward to 293,000 and 526,000, respectively.

Despite the show of moderation from the pace of employment growth in July, many expect the Federal Reserve to continue on its tightening course at its meeting later this month. In a rapid reaction comment, Oxford Economics noted, “While Fed officials likely welcome a slower pace of hiring and an increase in labor supply as small steps toward looser labor market conditions, the continued tightness in the labor market and robust wage growth will likely keep the Fed on course for a 75 basis point rate hike at the September 21 meeting.”

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