More people joined the labor force in August

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 1 September 2023

⏱️ 1 minutes

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Summary

The unemployment rate rose 3.8% in August; Wage growth moderated to 0.2%; UAW files labor complaint against GM, Stellantis.

Transcript

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0:00.0	The unemployment rate is up, but that's not necessarily bad news.
0:06.3	I'm Novosovsky with the Marketplace Minute.
0:08.6	The rate in August rose to 3.8%, low by historical standards, but the highest since February
0:13.8	last year.
0:15.2	The economy also added 187,000 jobs, so why the disconnect between the two figures?
0:21.3	Well it's because of new entrants to the labor force, where the participation rate
0:25.3	rose for the first time since March.
0:27.8	So more people looking for work pushed up the jobless rate.
0:31.6	The Labor Department also reported that wage growth moderated in August to 2.10% after
0:36.4	rising 8.10% a month earlier.
0:39.7	These trends in the labor market could further encourage the Federal Reserve to pause interest
0:44.0	rate hikes.
0:45.2	Other factors include signs that inflation has been moderating.
0:49.1	Striking workers also contributed to the unemployment rate, and the number may grow.
0:54.0	United auto workers has filed complaints against General Motors and Stellantis, saying
0:58.4	they're not negotiating in good faith, their contract expires in two weeks.
1:02.3	I'm Novosovsky with the Marketplace Minute.

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