US adds 315,000 jobs in August, unemployment rises to 3.7%

By Ovunc Kutlu

ANKARA (AA) - The US economy added 315,000 jobs in August, above market estimate, however, the unemployment rate rose to 3.7%, the Labor Department announced on Friday.

The market expectation for nonfarm payrolls was an increase of 300,000.

Job additions for July were revised down by 2,000 from 528,000 to 526,000, according to data from the Bureau of Labor Statistics.

The unemployment rate, on the other hand, rose to 3.7%.

The market expectation for the figure was to come in unchanged from the previous month's 3.5%.

The number of unemployed people in the US increased by 344,000 to 6 million, according to the Labor Department.

Due to the coronavirus pandemic, more than 22 million people in the world’s largest economy lost their jobs in March and April 2020.​​​​​​​