Manufacturing Jobs Increase in August

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The Bureau of Labor Statistics (BLS) reported total nonfarm payroll employment increased by 315,000 in August as the national unemployment rate rose 0.2% to 3.7%.

The manufacturing sector added 22,000 jobs in the month. The sector has added 461,000 jobs this year.

BLS said jobs gains also occurred in professional and business services, health care and retail trade.

More workers joined the labor force in August as the labor force participation rate rose to 62.4%. Average hourly earnings also continued to climb, rising 0.3% from the previous month and 5.2% from August 2021.

“There’s something for everybody in this report,” said Michael Arone, chief investment strategist at State Street Global Advisors. “This report supports the Fed’s ability to engineer a soft landing.”

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