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U.S. hiring slowed in August as employers add 315,000 jobs

America’s employers slowed their hiring in August in the face of rising rates of interest, excessive inflation and sluggish shopper spending, all of which weakened the outlook for the financial system.

The authorities reported Friday that the financial system added 315,000 jobs final month, down from 526,000 in July and beneath the common acquire of the earlier three months. The unemployment charge rose to three.7%, from a half-century low of three.5% in July, as extra Americans got here off the sidelines to search for jobs.

The smaller August acquire will possible be welcomed by the Federal Reserve. The Fed is quickly elevating rates of interest to attempt to cool hiring and wage development, which have been constantly sturdy. Businesses sometimes cross the price of greater wages on to their prospects via greater costs, thereby fueling inflation.

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