U.S. job growth was minimal in August, with nonfarm payrolls increasing by 22,000, the Bureau of Labor Statistics (BLS) reported. The unemployment rate remained at 4.3 percent, with the total number of unemployed Americans at about 7.4 million, similar to previous months and the past year. Gains in health care employment were offset by declines in federal government jobs and in mining, quarrying, and oil and gas extraction, continuing a period of limited job growth since April.
The release follows attention on labor market developments in early September. On Sept. 4, economists noted that uncertainty was affecting hiring. “Uncertainty is the killer of the labor market. We have a lot of companies pausing because of tariffs, pausing because of uncertain Fed action,” said Ron Hetrick, senior labor economist at Lightcast, according to Reuters.
