U.S. creates 315,000 jobs in August and regains pre-pandemic levels

The U.S. unemployment rate rose by two tenths in the month of August to 3.7%, according to figures released Friday by the U.S. Department of Labor’s Bureau of Labor Statistics.

The rate thus moves away from the pre-pandemic low. In February 2020, before the impact of Covid-19 on the country, the unemployment rate stood at 3.5%, which even then was a low for several decades.

During the eighth month of 2022, the country’s labor market maintained its positive course with the creation of 315,000 nonfarm jobs, 211,000 fewer than were generated during July.

The country closed August with 152.744 million nonfarm workers, up 240,000 jobs compared to the level of employment seen in February 2020, before the Covid-19 pandemic began to affect the country.

The number of long-term unemployed, those who have been unemployed for at least 27 weeks, rose by 70,000 to 1.137 million. Their weight in relation to the total number of unemployed fell by one tenth of a percentage point to 18.8%.

The total number of people unemployed, including agricultural jobs, rose by 344,000 unemployed in the month of August, to a total of 6.014 million.

By groups of workers, the unemployment rate among adult men rose by three-tenths to 3.5%, while among women it advanced by two-tenths to 3.3%. Young people (between 16 and 19 years of age) registered an unemployment rate of 10.4%, 1.1 points lower than in the previous month.

The non-farm jobs created in August were the result of 308,000 net new hires in the private sector and a 7,000 increase in public sector headcount.

By economic sector, professional services and education and health care firms raised hiring by 68,000 in both cases, while retail trade firms increased their workforces by 44,000 workers and hospitality and tourism firms hired 31,000.

The length of the average workweek fell by one-tenth, to 34.5 hours, while average hourly earnings rose by 10 cents, to $32.26.

The Bureau revised June nonfarm payrolls data downward to 293,000 jobs created (down 105,000), while the July figure was adjusted to 526,000 (down 2,000).