WASHINGTON (AP) — The nation’s job market last month delivered what the Federal Reserve and nervous investors had been hoping for: A Goldilocks-style hiring report.
Job growth was solid — not too hot, not too cold. And more Americans began looking for work, which could ease worker shortages over time and defuse some of the inflationary pressures that the Fed has made its No. 1 mission.
Employers added 315,000 jobs, roughly what economists had expected, down from an average 487,000 a month over the past year. The unemployment rate reached 3.7%, its highest level since February. But it rose for a healthy reason: Hundreds of thousands of people returned to the job market, and some didn’t find work right away, which boosted the government’s count of unemployed people.
The American economy has been a puzzle this year. Economic growth fell the first half of 2022, which, by some informal definitions, signals a recession.
But the job market is still surprisingly robust. Businesses remain desperate to find workers. They’ve posted more than 11 million job openings, meaning there are nearly two job vacancies, on average, for every unemployed American.