August job report shows promising employment numbers, high inflation

The U.S. labor market added 315,000 new jobs in August, topping analyst expectations and bringing the jobs economy back to its original pre-COVID strength, according to a Sept. 2 report from The Wall Street Journal. 

The unemployment rate in August was 3.7 percent, just slightly higher than July's 3.5 percent. The percentage of Americans with a job or actively seeking a job rose to 62.4 percent, up 0.03 percent from July. 

The rise in the labor market is causing a reduction in wages and working hours for many, as employers are once again regaining the upper hand. 

Average hourly earnings were up 5.2 percent in August, lower than March's 5.6 percent peak. 

Stocks also increased on Sept. 2 after August's job growth numbers were announced. 

Job growth is reaching historical highs as the economy recovers and the labor market continues to hold up. 

Inflation is still a concern for federal officials, as interest rates remain high, making it difficult for business owners to borrow and spend money.

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