Although the United States added 187,000 jobs in August, unemployment increased to 3.8%.
The current unemployment rate is at its highest since early 2022.
Jobs in transportation and warehousing declined.
Meanwhile, jobs in healthcare, leisure and hospitality, social assistance, and construction increased.
According to MSN, the healthcare sector added 71,000 jobs.
Part of the unemployment rate increase is due to the Hollywood strikes that affected payrolls.
Reporting from The National Pulse:
Some experts believe that these current labor market conditions suggest a return to pre-pandemic conditions and could lead the Federal Reserve to pause hikes or even cut interest rates in the first half of next year. However, Rubeela Farooqi, chief U.S. economist for High Frequency Economics, claims there is an upside risk to inflation, and that another increase in rates later this year cannot be ruled out.
