Unemployment Rate Jumps and Job Gains Slow in August

U.S. nonfarm payrolls added 315,000 jobs in August, substantially less than the 526,000 gain in July. The July estimate was revised down by 2,000 from the original estimate of 528,000. June was also revised down, now estimated to have increased 293,000, 105,000 less than the previous estimate of 398,000.

Private payrolls posted a 308,000 gain in August, less than the 477,000 gain in July (revised up by 6,000 from 471,000 while June was revised down by 58,000 to 346,000). August was the smallest gain since April 2021 (see first chart).