US economy adds 22,000 jobs, unemployment rate at highest since 2021

The US economy added fewer jobs than expected in August, a signal of a slowdown in hiring in the world’s largest economy.

According to data released today, Sept. 5, only 22,000 jobs were added in August, compared with expectations for 75,000.

The unemployment rate rose to 4.3%, the highest level in nearly four years, up from 4.2%. For the first time since before the pandemic, the number of unemployed people exceeded the number of job openings.

The data reinforced expectations that the Federal Reserve will cut interest rates at its September meeting, as policymakers grow increasingly concerned about weakening employment.

Just before the release, the US Bureau of Labor Statistics (BLS) announced on its website that it was experiencing technical difficulties, though the report was still published on time.

This is the first jobs report since President Donald Trump dismissed former BLS Commissioner Erika McEntarfer following the release of July’s figures.

The weak job growth underscores that companies have become more cautious about hiring amid sluggish sales and uncertainty over the costs of Trump’s tariffs.