The US economy added 187,000 jobs in August, beating expectations from experts, as the unemployment rate jumped to 3.8 per cent, according to the latest Bureau of Labor Statistics report.
The unemployment rose from 3.5 per cent in July to 3.8 per cent in August. The unemployment rate has moved between 3.4 per cent to 3.7 per cent since March 2022.
The unemployment rate for Asian Americans declined, but the rate for adult men, adult women, teenagers, white workers, Black workers and Hispanic workers remained unchanged.
The number is larger than the 177,000 jobs that ADP estimated the economy added in August. At the same time, the number of jobs added in June was revised down from 185,000 to 105,000 while the number of jobs added in July was revised down from 187,000 to 157,000.
The number of jobs added comes as President Joe Biden hopes to make the case that his economic policy, which he has dubbed “Bidenomics” is working.