The latest monthly US jobs report showed that the labor market added significantly fewer jobs in August than expected, while the unemployment rate rose compared to the previous reading.
The US economy added only 22,000 nonfarm payroll jobs in August, below economists' expectations of 75,000. The unemployment rate rose to 4.3% from 4.2% the previous month, in line with estimates.
In July, the economy added 73,000 new jobs. However, the most notable headline in that report was the revisions to job gains in May and June, which erased approximately 258,000 previously announced jobs. Following that report, President Trump fired Bureau of Labor Statistics Director Erika McIntarver. Trump subsequently nominated E.J. Anthony, chief economist at the Heritage Foundation, to take over.
Average hourly earnings rose 0.3% from the previous month and 3.7% from a year ago in August. Wall Street had forecast a similar increase of 0.3% month-over-month and 3.7% year-over-year.
Friday's report comes one day after data from ADP showed the private sector added 54,000 jobs last month, while Labor Department data showed initial jobless claims reached 237,000 last week, the highest level since June
