Nonfarm payrolls rose solidly in August amid an otherwise slowing economy, while the unemployment rate ticked higher as more workers rejoined the labor force, according to the Bureau of Labor Statistics. The economy added 315,000 jobs for the month, estimate for 318,000. The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations largely due to a rising labor force participation rate.
Construction spending dipped in July, as residential construction fell amid rising mortgage rates and declining home affordability. The US Census Bureau said that total construction spending during July 2022 was estimated at a seasonally adjusted annual rate of $1.777 trillion, down 0.4% from June. The July figure, however, was still 8.5% above July 2021. Through the first seven months of 2022, total construction spending was $1.01 triillion, 10.8% above the $915.2 billion for the same period in 2021.
Economic activity in the manufacturing sector grew in August, with the overall economy achieving a 27th consecutive month of growth, according to the nation's supply executives in the latest Manufacturing ISM® Report