The U.S. workforce expanded considerably in August, but with that came more people seeking unemployment.
The U.S. unemployment rate jumped 0.3 points to 3.8% in August as more Americans decided to reenter the labor market.
Overall, the U.S. added 187,000 jobs in August, which was higher than June and July figures. The new jobs came despite interest rate hikes meant to lower inflation. While interest rate hikes generally bring reductions to employment, the BLS data shows more people than ever are working. After months of high interest rates, 2008 started with 116 million workers. By the end of 2009, the U.S. had 107 million people in jobs.
Also of interest to the Federal Reserve is wages. There was an average increase of $6 per week in wages as the average hourly rate for workers increased 8 cents to $33.82, according to the data released on Friday.
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