The Labor Department reported on Friday that employers added 315,000 jobs in August, which was in line with predictions but a significant decrease from July.
This figure is compared to the revised 526,000 jobs that were added in July, which was more than double the anticipated amount. Professional and business services, healthcare, and retail trade saw the biggest increases in employment.
From 3.5% to 3.7%, the unemployment rate grew little.
The Federal Reserve, which has promised to keep raising interest rates until it tampers with inflation that is running above 8% a year, will closely monitor the data, which may portend some weakening of the labour market. That effort must include some reduction of the disparity between the supply and demand for labour.
Those who operate on the front lines of the labour market, however, assert that despite some of the frenetic behaviour from the previous year ceasing, the labour market is still one where employers must pay a premium to hire workers due to the high demand for workers.
According to Traci Fiatte, CEO of professional and commercial staffing at multinational staffing firm Randstad, "from what we observe, order volume is quite healthy." "Neither for temporary, contingent, or permanent personnel, there is a slowdown," the statement reads.
According to Fiatte, one change is that businesses are hiring more permanent workers since they are thought to be more likely to stick with the company. Companies have been scrambling to hold onto workers, she claims.
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