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U.S. economy added 187,000 jobs in August, more than was expected

In August, the U.S. job market exceeded expectations by adding 187,000 jobs, indicating resilience amid pressure from Federal Reserve interest rate hikes. However, the unemployment rate rose to 3.8%, the highest since February 2022, while the labor force participation rate increased to 62.8%, the highest since February 2020, before the COVID-19 pandemic. Average hourly earnings increased by 0.2% for the month and 4.3% year-on-year, slightly below forecasted figures of 0.3% and 4.4%, respectively.


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