US unemployment rate rises to 3.7% in August

Economy added 315,000 new jobs

Elliot Gulliver-Needham
clock • 2 min read

The US unemployment rate rose to 3.7% in August from 3.5% in July, despite adding 315,000 new jobs.

The Bureau of Labor Statistics reported today (2 September) that the rise in unemployment was slightly above the consensus of 3.5%, mainly due to nearly 800,000 new people entering the workforce. While labour market growth slowed, it is still very tight. Data published earlier this week showed that there are about two job vacancies for every unemployed worker, suggesting little softening. The 315,000 jobs created in August compares with the downwardly revised 526,000 new jobs in July. Rishi Sunak warns of UK economy confidence drop Meanwhile, average hourly earnings cont...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Economics