Hiring slowed in August as unemployment rate ticked up
CBSDec 31, 2022
The Facts
According to a monthly employment report released by the US Dept. of Labor on Fri., the economy saw an increase of 315K jobs in Aug., pushing the overall size of the labor force to a record high.
The rate of growth exceeded economists' estimates, but it was still a stark dip on the 528K jobs added by the US market in July.
The Spin
Left narrative
Things are looking up for employment in the current job market. The demand for labor, especially in combination with historic levels of inflation, has fostered an environment ripe for activity, including union pursuits, with the National Labor Relations Board reporting an uptick in petitions for union elections of 56%. This complex market is a historic opportunity.
Right narrative
This market is a disaster for workers and businesses alike. Although Biden and the Democrats are trying to sell the current statistics as a success story, the reality is that unemployment is still on the rise and inflation remains out of control. Now, Powell's words have even raised fears of the threat of recession - Biden's approval ratings are low for a reason.
